Ripple Investing More Than $15Million in Moneygram

Ripple Investing More Than $15Million in Moneygram 1024 500 Crypto Rand Group
Ripple moneygram

In its second quarter 2020 report, MoneyGram announces that it has raised $15.1 million from the firm Ripple. This premium is paid in XRP via the On-Demand Liquidity (ODL) platform.

Ripple has already invested $50 million in MoneyGram. Since the partnership between the two companies in 2019, MoneyGram has been using the ODL platform. This layer of the network allows cross-border payments to be made using XRP.

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According to the US international money transfer giant, Ripple’s reward is a “market development fee”. The amount varies according to the volume generated by MoneyGram.

In the first quarter of 2020, MoneyGram received $16.6 million in XRP. For the second half of 2019, it was $11.3 million. In total, MoneyGram has received $31.3 million in XRP awards since the beginning of 2020. This brings Ripple’s total awards to MoneyGram to $43 million. This money is intended to provide the ODL platform with liquidity.

This is a good deal for MoneyGram. The money transfer company announces that it made a profit of $8.8 million in the second quarter alone in 2020.

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