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Former Ripple Partner MoneyGram Boasts 33% Digital Growth in Q2

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Sat, 07/31/2021 - 16:00
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Yuri Molchan
MoneyGram remittance giant has posted a 33-percent growth of all money transactions in Q2 this year, earning almost $330 million
Former Ripple Partner MoneyGram Boasts 33% Digital Growth in Q2
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Former Ripple partner, San-Francisco-based remittance giant MoneyGram published its second-quarter report on Friday, with the total figure of the revenues being $239.3 million.

MoneyGram’s Q2 digital growth

During the earnings call on Friday, July 30, the company chief Alex Holmes stated that MoneyGram had seen a massive digital boost – the overall amount of all money transfers surged by 33 percent.

The volume of cross-border remittances rose by 41 percent as the world continues adopting digital transactions after the pandemic arrived last year and started its great impact on the industry of remittances and payments.

The company’s revenue overall saw an 18-percent increase compared to the first quarter of the year.

Holmes stated:

“MoneyGram online delivered record highs for customers, transactions, volume and revenue.”

Related
Ripple Rival Stellar in Talks to Acquire MoneyGram

The alleged partnership deal with Stellar

As for the possible acquisition of MoneyGram by the Stellar Foundation reported by Bloomberg, Alex Holmes gave an evasive comment on that.

He said that now it does not seem the right time to sell the company or take it private.

“I don't really feel like shopping the company or taking it private right now is really the right thing to do.”

The possible purchase of the company by Stellar (Ripple’s rival company) and Advent (a private equity firm) has been reported recently.

Last week, this news pushed the price of the MoneyGram stock up 11 percent.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.