Ripple sells $15M worth of stocks from its 2019 investment in MoneyGram. This has been revealed through a filing with the U.S. Securities and Exchange Commission on Friday. Moreover, the firm has managed to sell 2,264,113 shares of MoneyGram, which it has acquired through partnership. From this sale, Ripple has raised $15,303,792.60 from its total investment. Additionally, this seems that the partnership with MoneyGram is paying off now well for Ripple. MGI Slips Back to $6.54 as Ripple Sells $15M Stocks In the past few months, it has been seen that the stock value of MoneyGram (MGI) has managed to increase from $2.94 to $8.53. As Ripple sells $15M of the stocks, MGI slips back to $6.54. When the partnership was announced in 2019, both firms were not in a good position. MoneyGram was in the news due to a possible acquisition by Western Union. However, by the starting of this year, the firms have somehow managed to stay at peace. Also, both firms have managed to successfully grow their use and market capitalization. According to one of Ripple’s spokesperson has said that their firm is a proud partner of the digital growth transformation of MoneyGram. He said: “This is purely a judicious financial decision to realize some gains on Ripple’s MGI investment and is in no way a reflection of the current state of our partnership.” Major Investment Was Done Back in June 2019 Ripple’s partnership with MoneyGram is not something new, as the firm had made its major investment into this partnership in June 2019. In order to speed up the investment, the firm has used xRapid technology. XRapid technology majorly takes XRP into use which helps to get proper liquidity. Currently, Ripple is having 48 million XRP and the price of the token is increasing rapidly, which will ultimately increase the total market capitalization of the firm.
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