According to filings through the Securities and Exchange Commission (SEC), money transmission network MoneyGram has gained over $11 one thousand thousand from the blockchain-based payments business firm Ripple Labs.

In a press release by MoneyGram, the visitor stated it had received funds from Ripple divided over two quarters: in the quaternary quarter, $8.ix meg, and $2.4 meg in the third, totaling $11.3 million. Its revenue for Q4 was reported to be $323.7 million.

"MoneyGram continued to expand its strategic partnership with Ripple equally the first money transfer company to scale the utilise of blockchain capabilities."

Cypher in the SEC filings state what Ripple's investment will be used for. Nevertheless, MoneyGram's agreement with Ripple has previously allowed it to use XRP and its blockchain production ODL(On-Demand liquidity) to facilitate cross-edge payments.

"[MoneyGram] is compensated by Ripple for developing and bringing liquidity to foreign commutation markets, facilitated past Ripple's blockchain, and providing a reliable level of foreign exchange trading activity. The Company expects that this partnership, at calibration, will reduce our working capital needs and generate boosted earnings and cash flows."

History of partnerships betwixt MoneyGram and Ripple

MoneyGram already had fiscal ties to Ripple. The ii firms announced a partnership dorsum in January 2018 for MoneyGram to integrate XRP into its payment system.

In June 2019, the ii entered into a partnership to collaborate on cross-border payments and foreign commutation settlements with digital assets. Ripple followed through with a $50 million investment, completed that November.

Despite this close working relationship, not all money transfer methods are beingness handled by Ripple. Most recently, MoneyGram unveiled FastSend, a service assuasive real-fourth dimension money sending based on Visa.