Ripple Sells $15 Million in MoneyGram Stocks
Ripple Labs sold a large part of its 2019 investment in MoneyGram.
According to a Securities and Exchange Commission Friday night paper unveiled, from November 27 to December 4, Ripple Labs was able to sell 2,264,113 MoneyGram (MGI) shares. The technology company raised a total of US$15,303,792.60 from the sales.
The value of MoneyGram shares soared in Bitcoin Hero recent months, from US$2.94 on 1 October to US$8.53 on 23 November. Thanks in large part to news of the sale of Ripple, MGI fell to US$6.54 on the date of publication.
Despite major announcements of expansion of the integration between the remittance company and Ripple over the course of 2019, the relationship between the two companies appeared to have ended earlier this year. However, a Ripple spokesman told the Cointelegraph:
„Ripple is a proud partner in transforming MoneyGram’s digital growth. This is a purely judicious financial decision to make some gains on Ripple’s investment in MGI and is in no way a reflection of the current state of our partnership“.
Ripple initially announced a major investment in MoneyGram last June, which led MoneyGram to use Ripple’s xRapid technology to accelerate payments. XRapid uses XRP to facilitate liquidity.
Ripple, which still owns 48 billion XRPs, has spent the past few years minimising its relationship with the token, although recent price firings may be changing that.