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Ripple Keeps Pumping Funds Into MoneyGram
All in, Ripple has funded the money sender to the tune of over $52 million for providing liquidity to one of its payments products.
Par Daniel Palmer
Remittance firm MoneyGram continues to receive millions in "market development fees" from its investor, blockchain payments firm Ripple.
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- According to MoneyGram's financial results for Q3 2020 posted Thursday, Ripple handed over $9.3 million over the period.
- After $0.4 million in "transaction and trading expenses," MoneyGram saw a net benefit of $8.9 million.
- The payment is the latest since Ripple, which provides several payments products aimed at financial institutions, invested $50 million in the money sender in November 2019.
- In Q2 2020, MoneyGram received $15.1 million for the same stated purpose.
- Previously, MoneyGram has described the market development fees as compensation for providing liquidity to Ripple's On-Demand Liquidity (ODL) network – its payments product using the XRP cryptocurrency to send money across borders.
- MoneyGram also received $16.6 million in Q1, and a total of $11.3 million in H2 2019.
- All in, Ripple has funded the firm to the tune of over $52 million for providing ODL liquidity.
- Back at the start of 2018, MoneyGram became one of the biggest firms to publicly say it was piloting XRP in its remittance services.
Also read: Ripple to Invest in Japan’s SBI Subsidiary MoneyTap
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