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Western Union Eager to Buy Ripple-Backed MoneyGram Whose Stock Has Surged 32%

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Tue, 06/02/2020 - 07:55
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Yuri Molchan
The remittance giant MoneyGram seems to be a tasty morsel not only for Ripple but now also for Western Union, who wants to buy it. MGI has surged 32 percent
Western Union Eager to Buy Ripple-Backed MoneyGram Whose Stock Has Surged 32%
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Bloomberg News has spread the word that in the near future the two global remittance giants – Western Union and MoneyGram International – could merge as the former has offered to buy Ripple’s remittance partner.

On this news, MoneyGram’s stocks saw a sharp price increase of over thirty percent.

MoneyGram gets an offer from WU

It looks like Western Union has appreciated the potential of MoneyGram International after Ripple bought around ten percent of its stock last year and has now offered to buy it.

This purchase offer has pushed MoneyGram’s stocks up – various sources name the figure from 32% to 74%.

Bloomberg cites an anonymous source familiar with the details. However, no confirmation from either remittance behemoth has been received yet.

Some on crypto Twitter hope that since Ripple owns 10 percent of MoneyGram, after the purchase (if the deal is closed at all), XRP may be used by Western Union too.

A perfect time for online payments now

Now that the pandemic lockdown has forced a lot of businesses to switch to functioning in online-only mode, online payments are becoming way more popular and such platforms as MoneyGram are being used not only for sending cash back home by family-providers from emerging countries who are working abroad.

At the time of writing, MoneyGram shares are worth $2.59.

MGI
Image via NASDAQ

Related
Ripple Unleashes 1 Bln XRP from Under Lock as First Day of New Month Arrives

MoneyGram teams up with Uber

As U.Today previously reported, Ripple’s partner MoneyGram has recently joined forces with the ride-hailing giant Uber.

From now on, due to the lockdown, drivers and couriers of Uber will be getting discounts on online cash transfers.

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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.