A huge chunk of its 2019 investment was sold by Ripple Labs to MoneyGram.
As per information we received regarding a Friday night filing with the Securities and Exchange Commission from Nov. 27 through Dec. 4, Ripple Labs successfully sold 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 risen in previous months, from $2.94 on Oct. 1 to $8.53 on Nov. 23. Thanks to the news of Ripple’s sell-off, MGI has shifted back down to $6.54 as of writing in no small part.
Notwithstanding a flurry of reports of a growing alliance between the remittances firm and Ripple throughout 2019, the two companies’ involvement appeared to have concluded earlier this year.
Ripple originally declared a major investment into MoneyGram last June, which led to the latter using the former’s xRapid technology to speed up transactions. XRapid uses XRP to expedite liquidity.
Ripple, which yet holds 48 billion XRP, has given the last several years playing under its attachment to the token, though current price surges may be changing that.
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