Ripple sells 33% of its ownership in MoneyGram
The world’s fast-emerging financial enterprise, Ripple, has disclosed it’s selling 33% of its stake in MoneyGram.
It is the first sale of such shares since Ripple invested in the popularly known American remittance firm in 2019.
Data gathered from Ripple’s filing with the U.S. Securities and Exchange Commission revealed Ripple owns 8.6% of shares outstanding in Moneygram or 6.22 million shares, including a warrant to purchase another 5.95 million shares for a total equity position of 12.2 million shares or 17% of MoneyGram’s shares outstanding.
Ripple disclosed that it will be selling around 4 million shares, approximately 33.3% of its entire stake. After such a sale, the fintech company will still own at least 3.22 million shares or 4.44% of MoneyGram.
Recall that in June MoneyGram receive $20 million funding from Ripple to enhance its payment solutions through a partnership system with many leading financial institutions.
MoneyGram is a fast-growing platform for cross-border P2P payments and money transfers around many countries. The funding by Ripple completes its $50 million offerings for some stake in MoneyGram to run its experimental program for testing the effectiveness of the digital token XRP.
RippleNet is a payment platform comparies a network of institution payment provider that includes banks and payment providers using solutions developmed by Ripple to provide a seamless experience to send money worldwide.
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