Skip to main content

Market Overview

MoneyGram Shares Up 130% After Partnering With Ripple

MoneyGram Shares Up 130% After Partnering With Ripple

Blockchain payments firm Ripple has made an investment in MoneyGram International, Inc. (NASDAQ: MGI) and will also allow the group to use its XRP cryptocurrency as part of the cross-border payments process.

Ripple made an initial investment of $30 million in the money transfer company, made up of common stock and a warrant to purchase common stock. Ripple purchased newly-issued common stock including the shares underlying the warrant from MoneyGram at $4.10 per share.

"As the payments industry evolves, we are focused on continuing to improve our platform and utilizing the best technology as part of our overall settlement process," said Alex Holmes, MoneyGram CEO.

"MoneyGram is one of the largest money transfer companies in the world and the partnership will continue to further the reach of Ripple's network. I look forward to a long-term, very strategic partnership between our companies," said Brad Garlinghouse, CEO of Ripple.

MoneyGram shares were trading up 130% at $3.33 in Tuesday's pre-market session.

The price of XRP traded around 44 cents at time of publication.

Related Links:

Ripple Founder Chris Larsen Talks About The Many Use Cases For Blockchain

Facebook's Libra: What It Is And How To Use It


Related Articles (MGI)

View Comments and Join the Discussion!

Posted-In: ripple XRPCryptocurrency News Contracts Markets Best of Benzinga

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at