Ripple has just completed the second part of a $50 million investment into Moneygram.
The latest $20 million payment came after the first instalment of $30 million was paid in June￼.
Moneygram has partnered with Ripple in order to utilize On-Demand-Liquidity through Ripple’s XRapid payments platform.
This has been utilised to move approximately 10% of Mexican Peso foreign-exchange trading volume and is rapidly expanding cross-border transactions to other parts of the world.
This further cash injection will allow Moneygram to increase its trading volume and continue to use Ripple’s On-Demand-Liquidity.
Brad Garlinghouse claimed back in August that Moneygram using XRP would be a bigger deal than Facebook’s Libra coin.
“This is a big deal. If I were betting now, a year from now the Moneygram deal will have a more consequential impact on the crypto markets than the Libra white paper.”￼￼￼￼
Ripple have now purchased a 10% stake in MoneyGram and a central stipulation of the deal will be the integration of the crypto giant’s xRapid liquidity product which uses the XRP token to facilitate the instant settlement of money sent in one currency into a destination currency.
MoneyGram’s share value rocketed 168% after the partnership was announced back in June.￼
Ripple’s sales fell 74% in Q3 dropping from $251 million to $66.2 million with the company citing a “spread of misinformation” and “FUD” as being contributing factors in the decline in sales.