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Ripple Partner MoneyGram's Share Price Adds 26.28% After Publishing Q3 Report

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Fri, 10/30/2020 - 14:28
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Yuri Molchan
MoneyGram International Inc's share price has surged 26.28 percent within one day after another major cash inflow from Ripple was revealed in the company's Q3 report
Ripple Partner MoneyGram's Share Price Adds 26.28% After Publishing Q3 Report
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After publishing its quarterly report the other day, global remittance behemoth MoneyGram has seen its stock price soar 26.28 percent within just one dayfrom $4.80 to $5.80 on Nasdaq.

One of the key drivers for the share price here is likely the fact that another recent cash injection from the Ripple fintech giant was revealed in the report.

The blockchain decacorn led by Brad Garlinghouse transacted $9.3 mln to MoneyGram as part of their partnership.

According to the report, MoneyGram referred to this money as "market development fees."

XRP
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Related
Ripple Paid MoneyGram $9.3 Mln, According to Q3 Report

MoneyGram uses Ripple's technology for cheap and fast remittances called ODLOn-Demand Liquiditywhich requires the use of XRP.

Some of the ODL corridors operate in Mexico, Australia, Luxembourg, the Philippines, South Korea and Japan and are based on crypto exchanges.

This year Ripple plans to set up more ODL portals: in Africa, Asia and Latin America.

In an interview with CNBC previously, MoneyGram's CEO Alex Holmes stated that his company does not hold the XRP it receives from Ripple.

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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.