In another major deal for Ripple, it struck a deal to own shares of Moneygram and to expand uses of its services. MoneyGram will use the digital currency XRP as part of its day-to-day operations.
Under the terms of the deal, Ripple will pay $4.10 cents a share to acquire an 8% to 10% stake in MoneyGram. This translates into a $30 million investment, and also gives MoneyGram the option for another $20 million cash infusion in the next two years. Ripple’s purchase of newly-issued shares of MoneyGram is a significant premium on MoneyGram’s recent market price.
MoneyGram already services 200 countries and territories, with roughly $600 billion processed in the global remittance market. At present, the company uses traditional foreign exchange markets, which requires pre-funding accounts. Ripple and MoneyGram anticipate settlement fees dropping from $30 per transaction to “fractions of a penny,” while settlement times are expected to drop from 15-60 minutes to just a few seconds.
For more of the news:
https://www.ft.com/content/d0c3079a-91c5-11e9-aea1-2b1d33ac3271
https://www.coindesk.com/ripple-could-invest-up-to-50-million-in-moneygram-in-xrp-boosting-deal
http://fortune.com/2019/06/17/ripple-moneygram-xrp/
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