Money transfer company MoneyGram announced that it received 15 million 100 thousand dollars worth of payments from Ripple in the second quarter.
Money transfer company MoneyGram announced its second quarter financial results. Accordingly, it was determined that Blockchain company Ripple paid 15 million 100 thousand dollars to MoneyGram in the second quarter as XRP incentive.
MoneyGram has classified the payments it receives from Ripple as “market development fees” and “counter expenses” rather than income. The company receives these incentives with XRP.
In the previous quarter, MoneyGram paid 16 million 600 thousand dollars.
MoneyGram does not hold the XRPs it receives from Ripple. A company official said in a statement last year that they sold XRP as soon as they got it.
Ripple and MoneyGram had partnered in June 2019. As part of the deal, Ripple invested $ 50 million in MoneyGram and bought about 10 percent of its shares. The agreement between the two companies ends in July 2023.
Meanwhile, in June, the money transfer giant, Western Union, was suggested to have purchased a purchase offer to MoneyGram, but there is no deal concluded yet.
MoneyGram launched a fast money transfer service called FastSend, which used the Visa network instead of Ripple in February.