- MoneyGram International (NASDAQ:MGI) skyrockets after announcing a strategic agreement with Ripple (XRP-USD).
- MoneyGram says the two-year partnership supports the companies' shared goal of improving the settlement of cross-border payments by increasing efficiency and reducing cost through RippleNet.
- Ripple will become MoneyGram's key partner for cross-border settlement using digital assets. As part of this partnership, Ripple has made an initial investment of $30M in MoneyGram equity, made up of common stock and a warrant to purchase common stock. Ripple purchased the newly-issued common stock from MoneyGram at $4.10 per share.
- MGI +52% after hours to $2.22.
- Source: Press Release