It was announced that Ripple gave $ 9.3 million worth of XRP to money transfer company MoneyGram in the third quarter.
With the financial results announced by money transfer company MoneyGram, it was revealed that Ripple paid $ 9.3 million in XRP incentives to MoneyGram in the third quarter of 2020.
The company listed on Nasdaq reported that Ripple paid $ 9.3 million, but $ 400,000 went to transaction and trading costs, with a net gain of $ 8.9 million.
MoneyGram classifies these payments as “market development fees” rather than revenue. The company receives payments based on the transaction volume realized through Ripple’s ODL product, which uses XRP for payments.
Compared to the previous quarter, MoneyGram received $ 5.8 million less than Ripple in the last quarter.
Ripple and MoneyGram partnered in June last year. As part of the deal, Ripple had invested $ 50 million in MoneyGram and acquired about 10 percent of the company. The partnership between the two companies will end in July 2023.
We sell XRP as soon as we buy
An official from MoneyGram said in the past months that they sold XRP they obtained from Ripple as soon as they bought them. XRP investors criticize Ripple for suppressing the price of such XRP sales.