Blockchain-based payments company Ripple has completed its original commitment with a final USD 20 million investment, money transmission network MoneyGram reveals.
The USD 20 million equity investment in MoneyGram is part of Ripple's original USD 50 million equity investment commitment. In June 2019, the companies signed a 2-year-strategic partnership, in order to collaborate in cross-border payments and foreign exchange settlements with digital assets. As such, MoneyGram would be able to draw up to USD 50 million dollars from Ripple in exchange for equity.
Moreover, MoneyGram will reportedly use Ripple’s xRapid liquidity product. This is meant to allow the money to be sent in one currency and instantly settled in the destination currency. MoneyGram already began using On-Demand Liquidity for payments to the Philippines, and the company currently continues its further expansion into Europe and Australia.
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