Ripple sells $15M stock in MoneyGram. According to Friday night filing with the Securities and Exchange Commission from Nov. 27 through Dec. 4, Ripple Labs managed to sell 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 recent months, from $2.94 on October 1 to $8.53 on November 23. In no small part thanks to the news of Ripple’s selling, MGI fell down to $6.54 at the time of publishing.
Despite a flurry of announcements of expanding integration between the remittances firm and Ripple throughout 2019, the relationship between the two companies seemed to have settled earlier this year. However, a Ripple spokesperson said “Ripple is a proud partner in MoneyGram’s digital growth transformation. This is purely a judicious financial decision to realize some gains on Ripple’s MGI investment and is in no way a reflection of the current state of our partnership.”
Ripple initially revealed significant investments in MoneyGram last June, which led to the latter using the former xRapid technology to accelerate payments. XRapid uses XRP to make liquidity simpler.
Ripple, which still owns 48 billion XRP, has spent the last few years playing down its relationship with the token, while recent price spikes may change that.