Ripple has invested $50m into MoneyGram, a fellow money transfer company.
The deal means Ripple now holds 9.95% of the outstanding common stock and around 15%on a fully-diluted basis, including non-voting warrants.
MoneyGram is a remittance company which helps uses send and receive money from anywhere in the US. Through the app, users can also pay their bills and safeguard themselves from fraud.
MoneyGram chairman and CEO Alex Holmes said, “Our partnership with Ripple is transformative for both the traditional money transfer and digital asset industry – for the first time ever, we’re settling currencies in seconds. This initial success encourages us to expedite expanding our use of On-Demand Liquidity.
“Partnerships with companies like Ripple support innovation and allow us to invest in creating better customer experiences. I anticipate furthering our growth into new corridors and exploring new products and services.”
Ripple recently revealed it moved past the 300 customers mark on its books. The blockchain powered money-transfer company helps financial institutions to easily transfer money around the world.
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