Ripple, the US based remittance network, has recently filed for selling 1/3rd of its total shareholding in MoneyGram, the US based money transfer company. Notably, the blockchain based remittance solution provider had accomplished a fifty million USD investment in MoneyGram in the month of November last year.
As per the official filing made with the Securities and Exchange Commission, Ripple presently holds over six million shares equivalent to over eight and half percent in outstanding shares of MoneyGram and a contract to purchase another 5.95 million shares. Till now, Ripple held a total of 12.2 million shares equivalent to a seventeen percent stake in the business.
It is to be noted that Ripple purchased MoneyGram shares at 4.10 USD per share and sold them at 7.42 USD per share.
The spokesperson of the company mentioned,
“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 [MoneyGram International] investment and is in no way a reflection of the current state of our partnership.”
Furthermore, the company’s spokesperson divulged that the corporation would continue their association with MoneyGram and increase their spread in the remittance services. Over the years, Ripple has established itself as a significant blockchain solution provider for global banks with more than two hundred partners and MoneyGram is one of the main members, he concluded.
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