The fiasco surrounding the legal status of Ripple’s cryptocurrency XRP continues to unfold as a new lawsuit filed against MoneyGram puts pressure on the case. MoneyGram, presently the world’s second-biggest money transfer service provider, is being sued for allegedly making false statements regarding its relationship with Ripple and also for failing to reveal that XRP […]
The United States Securities and Exchange Commission has a long and complex history with the cryptocurrency industry. This has included the prosecution of fraudulent Initial Coin Offerings during the ICO boom a few years ago, the back and forth of the Bitcoin ETF, and the issues surrounding the introduction of crypto-related regulation. The latest of […]
Ripple’s partnership with MoneyGram may not be as warm as it once was, but it’s paying off.
Ripple Labs has sold a huge chunk of its 2019 investment in MoneyGram.
Per a Friday night filing with the Securities and Exchange Commission on Friday night, from Nov. 27 through Dec. 4, Ripple Labs managed to sell 2,264,113 shares of MoneyGram (MGI). The tech firm netted a total of $15,303,792.60 from the sales.
MoneyGram’s stock value has soared in recent months, from $2.94 on Oct. 1 to $8.53 on Nov. 23. In no small part thanks to news of Ripple’s sell-off, MGI has slipped back down to $6.54 as of publication.
Despite a flurry of announcements of expanding integration between the remittances firm and Ripple throughout 2019, the relationship between the two companies seemed to have settled earlier this year. However, a Ripple spokesperson told Cointelegraph:
“Ripple is a proud partner in MoneyGram’s digital growth transformation. This is purely a judicious financial decision to realize some gains on Ripple’s MGI investment and is in no way a reflection of the current state of our partnership.”
Update: Dec. 4, 20:30 EST: Cointelegraph has updated this article to include a statement from Ripple.
Ripple Labs Inc. is selling 4 million of its shares in Moneygram, or about a third of its total shareholding in the company. The decision seems in part to be motivated by the surging Moneygram share price and Ripple’s desire to cash out after buying the shares at a premium of $4.10 in 2019. At […]
Blockchain-based payment firm Ripple is selling a third of its position in MoneyGram, the remittance giant that provides liquidity to its XRP settlement service, according to details of a new filing. This represents the very first sale of MoneyGram’s stake since the two companies entered into a strategic partnership last year. Per a filing with […]