Ripple Completes Promised $50M Investment in MoneyGram With Final $20M
Ripple Completes Promised $50M Investment in MoneyGram With Terminal $20M
Cryptocurrency firm Ripple invests additional $xx million in MoneyGram, completing its original commitment of $50 million.
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Major coin transmission network MoneyGram has announced that blockchain-based payments firm Ripple has completed its original delivery with a last $20 1000000 investment.
In a Nov. 25 printing release, MoneyGram announced that Ripple Labs Inc. has made a terminal $xx million equity investment in MoneyGram every bit part of Ripple'southward original $50 million equity investment commitment.
A total investment of $50 million
In June, the two companies entered into a 2-yr-strategic partnership to interact in cross-border payments and foreign substitution settlements with digital assets. Every bit role of the agreement, MoneyGram would be able to draw upwards to $50 1000000 dollars from Ripple in exchange for equity.
MoneyGram will reportedly utilize Ripple's On-Demand Liquidity production to allow for money to be sent in one currency and instantly settled in the destination currency. By using XRP for such transfers, On-Need Liquidity tin purportedly settle such transactions faster than with fiat currencies or other major digital assets. Ripple's CEO Brad Garlinghouse commented on the latest investment:
"Final calendar month, we announced that MoneyGram began using On-Demand Liquidity for payments to the Philippines, and we're excited to back up MoneyGram's farther expansion into Europe and Australia. Digital avails and blockchain applied science take the potential to make a tremendous impact on cantankerous-border payments — MoneyGram and Ripple is an example of that [...] In June, we appear this partnership, and it's encouraging to come across the rapid growth and benefits come up to life."
Ripple purchased the disinterestedness from MoneyGram at $iv.ten per share and will now own reportedly 9.95% of MoneyGram's mutual stock.
Bulk of crypto will probably go to zero
At the kickoff of November, Garlinghouse claimed that there are too many cryptocurrencies so far, forecasting that only 1% of the total are here to stay and that this small number of crypto projects will be game-irresolute and abound significantly in coming decades since they will be focused on solving real problems for real customers.
He hinted that very few will actually exist able to meet customer needs, arguing that the vast majority of them "probably goes to nil." He stated:
"Anytime at that place is a new market place, there are a lot of people that run into that market and try to show that they tin can solve a problem, they tin can deliver a customer need."
Source: https://cointelegraph.com/news/ripple-completes-promised-50-m-investment-in-moneygram-with-final-20-m
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