Ripple Takes $30M Stake in MoneyGram to Boost XRP Usage
Ripple is aiming to build a share in its rival MoneyGram, paying $4.10 per share in a $30 million deal, reported Fortune. Ripple will have the option of investing another $20 million in the payment processor.
The deal is yet another chance for Ripple to use its xRapid payment protocol. The unique feature of xRapid is the possibility to transfer value without a bank account, by using the XRP asset.
“This will eliminate the need to deploy foreign bank accounts. That’s why MoneyGram has negative working capital. It will help customers and also smooth out their treasury operations,” Ripple CEO Brad Garlinghouse sa…
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