Crypto News

Ripple has sold $15M of its stock in MoneyGram

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.”

Ripple initially announced major investment into MoneyGram last June, which led to the latter using the former’s xRapid technology to speed up payments. XRapid uses XRP to facilitate liquidity.

Ripple, which still owns 48 billion XRP, has spent the last several years playing down its relationship to the token, though recent price surges may be changing that.

Update: Dec. 4, 20:30 EST: Cointelegraph has updated this article to include a statement from Ripple.

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