Ripple is selling its one-third stake in MoneyGram
Ripple the blockchain payments firm is selling its one-third stake in MoneyGram. Ripple invested in the remittance giant in 2019 and own 6.22 million shares of MoneyGram.
According to the U.S. Securities and Exchange Commission filing, the blockchain payments firm Ripple up to 4 million shares of MoneyGram. This 4 million share is approximately 33.33% of its entire stake.
But after the sale Ripple still owns at-least 3.22 million shares or 4.44% of MoneyGram. According to the terms of investment Ripple bought the shares of MoneyGram at a price of $4.10 per share.
If we look at the current price of MoneyGram share then it’s trading at $7.42 (Closing on Wednesday). As per the price chart, the share of MoneyGram rises almost 260% this year. Ripple will also get a good profit on its investment at the current price.
As per a Ripple spokesperson in talk with CoinDesk, “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.”
Soon after the announcement about the partnership the shares of MoneyGram surges almost 167% on 19th June 2019. Ripple completed the purchase of almost $50 million equity stake in MoneyGram in November 2019.
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