XRP, the native token of Ripple, jumped by 0.7% on the news that Ripple bolsters its collaboration with major money transfer company MoneyGram.

The California-based blockchain startup concentrating on the banking sector has already made USD 30 million initial investment in MoneyGram equity and has a right to spend another USD 20 million over two years, MoneyGram stated. Ripple acquired the newly issued shares at more than 180% premium. Before the announcement, the market capitalization of MoneyGram prevailed at around USD 82 million and more than doubled after the partnership was confirmed.

The partnership will look at the Ripple’s xRapid product, a solution for on-demand liquidity, which leverages XRP.

“Through our partnership with Ripple, we will also have the opportunity to further enhance our operations and streamline our global liquidity management,” Alex Holmes, MoneyGram Chairman and CEO, was quoted as saying in the announcement.

“This is a huge milestone in assisting to transform cross-border payments. MoneyGram is one of the largest money transfer companies in the world and the partnership will remain to further the reach of Ripple’s network,” Brad Garlinghouse, CEO of Ripple, added.

MoneyGram operates in more than 200 countries and territories around the world, whether online, with services available through a mobile device, at a kiosk, or in local shops.

However, just last month, Ripple joined with MoneyGram’s competitor, money transfer company Ria Money Transfer, a subsidiary of payment service provider Euronet Worldwide, in order to assist Ria “settle transactions with increased speed, transparency and efficiency and deliver a better experience to their customers .”