Moneygram, the Dallas-based money transfer company, has received another $20 million from Ripple.
The investment is part of Ripple’s $50 million equity commitment to Moneygram made earlier this year. According to an announcement, this cash injection completes Ripple’s commitment to Moneygram and bumps its ownership to 9.95% of the money transfer firm’s outstanding shares.
“Partnerships with companies like Ripple support innovation and allow us to invest in creating better customer experiences,” said MoneyGram Chairman and CEO Alex Holmes. “I anticipate furthering our growth into new corridors and exploring new products and services.”
“Our partnership with Ripple is transformative for both the traditional money transfer and digital asset industry – for the first time ever, we’re settling currencies in seconds. This initial success encourages us to expedite expanding our use of On-Demand Liquidity,” Holmes said.
Ripple CEO Brad Garlinghouse meanwhile had this to say:
“Last month, we announced that MoneyGram began using On-Demand Liquidity for payments to the Philippines, and we’re excited to support MoneyGram’s further expansion into Europe and Australia. Digital assets and blockchain technology have the potential to make a tremendous impact on cross-border payments – MoneyGram and Ripple is an example of that.”
“In June, we announced this partnership, and it’s encouraging to see the rapid growth and benefits come to life.”