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MoneyGram sold over USD 11,300,000 XRP since partnering with Ripple

Monday 23 March 2020 11:12 CET | News

MoneyGram has sold USD 11.3 million worth of the crypto asset XRP that it received from Ripple as part of MoneyGram’s commercial agreement with the payments startup.

According to Daily Hold, MoneyGram says it received XRP from Ripple as compensation for using Ripple’s On-Demand Liquidity (ODL) platform to facilitate cross-border payments. MoneyGram says it is now using XRP to move 10% of its transaction volume between the US and Mexico.

Ripple’s ODL settles remittance payments in real time by converting the sender’s currency into XRP, moving the digital asset across borders, and then converting it to the destination currency. Ripple and MoneyGram entered a strategic partnership for cross-border payments and foreign exchange settlements in June of 2019, with Ripple acquiring a USD 50-million stake in MoneyGram.
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Keywords: MoneyGram, XRP, Ripple, partnership, cross-border payments, digital asset, US, Mexico
Categories: Blockchain & Cryptocurrencies | Cryptocurrencies
Countries: United States
This article is part of category

Blockchain & Cryptocurrencies