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Blog

Date:
02nd Nov 2020
Author:
CryptoAltum Research Team

Ripple Invested over $9.3 million in MoneyGram in Q3 2020

A MoneyGram financial report for Q3 2020 revealed that Ripple--the for-profit company behind RippleNet, invested over $9.3 million in Q3 2020. This is part of their dedication and terms dictated in the original deal with the remittance company to expand the utility and use of the On-Demand Liquidity--a solution that uses XRP. Ripple has now invested over $50 million since offering financial aid to the then-distressed company in 2018.


Details: 

MoneyGram supports ODL and uses XRP for cross-border transfer of funds within supported corridors, like the US to Mexico, in partnership with approved exchanges. There is missing clarity on what XRP exactly is. The absence of endorsement from regulators means financial institutions--often under the lens of the same regulators, are hesitant to integrate. MoneyGram uses XRP and their utility has boosted XRP’s level of utility, a positive development for bulls and prices.


Impact on the XRP Price: 

Bullish. XRP is a liquidity tool operated from the XRPL. With Ripple pausing programmatic selling of the coin, adoption by financial institutions will support the coin’s prices.


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