Ripple, in its final payment, bought $20 million of MoneyGram’s equity at $4.10 per share, according to a filing with the U.S Securities and Exchange Commission (SEC). This is over $1 much more than the current price of about $3.00. The investment which took place on Monday finalized a deal which began in June.

From the filing, Ripple is expected to own a little less than 10% of MoneyGram’s outstanding common stock, after the deal is completed. The company will also own about 15% on a fully-diluted basis including non-voting rights held by it.

MoneyGram received an initial payment of $30 million from Ripple before it agreed to use Ripple’s products for cross-border settlements. MoneyGram planned to use this initial investment amount to support its operations; particularly in the expansion of xRapid payment system.

MoneyGram started using XRP to conduct transactions in various countries such as Europe and Australia since June. Currently, 10% of the trading volume of the Mexican peso foreign exchange is conducted using XRP.

The CEO and chairman of MoneyGram, Alex Holmes, stated that the company could conduct transactions swiftly; hence the collaboration has been revolutionary. He added that the success of the partnership has encouraged the company to expand the use of On-Demand Liquidity. He believes the company will expand as well as venture into new products and services in the future.

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