Shares of Ripple partner MoneyGram are up 14 %, and here's why
MoneyGram, a key partner of Ripple, reported a huge increase in the number of transactions - by 106% compared to the previous year.
Against this background, shares of the world's second-largest money transfer operator rose by more than 14%. percent.
MoneyGram
June was a good month for MoneyGram due to the growing demand for its digital products.
In his comment, MoneyGram CEO Alex Holmes once again emphasized the digitization of the oldest money transfer company, which takes every effort not to keep up with a lot of novice competitors.
"The digital payment results once again highlight that consumers around the world are getting to know the' new ' MoneyGram, which delivers the best digital technology in the industry and provides seamless connectivity to family and friends through our state-of-the-art, mobile Platform." and an API-managed platform."
Back in June, MoneyGram reported a 100 percent increase in the number of transactions compared to last year.
In its new press release, MoneyGram also announced an expansion in Iceland.
This year, the company also strengthened its presence in India, UAE and other markets around the world.
Ripple partnership
Back in June 2019, Ripple unveiled a $ 50 million investment in MoneyGram, which was completed back in November, and bought back 10% of The company's shares.
Also, in 2019, Ripple paid out MoneyGram benefits of $ 11.3 for the legacy money transfer company adopting an on-demand liquidity solution (ODL) that uses XRP as an intermediary currency.
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