MoneyGram received $9.3 million from Ripple in Q3

MoneyGram collected $9.3 million in Q3 from Ripple for market development fees.

Recent financial filings seen by Nairametrics revealed Ripple sent MoneyGram millions of dollars worth of XRP in Q3 2020.

MoneyGram collected $9.3 million in Q3 from the multi-billion dollar valued company for market development fees.

The market development fees are deposited in XRP, which MoneyGram says it immediately turns into cash.

Highlights of Moneygram Q3 2020 results include

Total revenue was $323.2 million, representing a slight increase on a reported basis or -1% on a constant currency basis
Money transfer revenue was $297.6 million, up 5%, or 4% on a constant currency basis, driven by the strength of our digital business
Investment revenue was $3.0 million for the quarter representing a decline of $10.4 million due to lower prevailing interest rates
Total operating expenses of $286.6 million, improved $19.2 million or 6%
Transaction and Operations Support expenses decreased $31.5 million or 56% which included: Agile management of expenses through the pandemic as the Company continues to benefit from its Digital Transformation.
$8.9 million net benefits from Ripple market development fees of $9.3 million, partially offset by related transaction and trading expenses of $0.4 million
The Company recorded $6.3 million in foreign exchange gains primarily related to currency movements during the pandemic.

What you should know; Recall Nairametrics some months ago broke the news on MoneyGram receiving $20 million in funding from Ripple to enhance its payment solutions through a partnership system with many leading financial institutions.

The funding by Ripple completes its $50 million offerings for about 15% stake in MoneyGram to run its experimental program for testing the effectiveness of the digital token XRP.
This deal would definitely give MoneyGram’s arch-rival, Western Union, a run for its money. Reports from different private sources, seen by Nairametrics show that Western Union is now bent on buying MoneyGram to scale on its robust growth experienced lately.

MoneyGram is a global leader in cross-border P2P payments and money transfers. Its consumer-centric capabilities enable family and friends to quickly and affordably send money in more than 200 countries and territories, with 81 now digitally enabled.

Source: nairametrics.com

Comments

Cryptocurrencies Adding to the Safety and Security in the UK Gambling Industry

These are exciting times for the UK gambling industry. The impact of internet technology is now being felt with online gambling now controlling the industry. The adoption of cutting-edge technology is reasonable for the boom in the industry. From live casinos, mobile apps to artificial intelligence, incredible trends continue shaping the gambling industry. However, it is the rise of cryptocurrency casinos that seeks to redefine UK gambling. Many operators now include crypto coins such as bitcoin, Ethereum and Litecoin as part of their banking methods. Others offer exclusive bitcoin payments and promotions based on digital tokens. This revolutionary trend has a huge impact due to enhanced safety and security on these platforms. Players looking for peace of mind when playing online now opt to use cryptocurrencies. This post looks at how cryptos guarantee the safety and security of players at online casinos. How Cryptocurrency Gambling Works There’s a lot of talk about cryptocurrency,

Will Solana (SOL) Be the Shining Star of the Bull Market?

About 250,000 to 700,000 SOL have been sold daily by FTX for the last three weeks. SOL’s price jumped above $60, as GSOL’s premium also increased. While the price may retrace, it may not take long before SOL hits $70. Despite being a notable casualty of the FTX contagion in 2022, Solana (SOL) has defied all odds in 2023, as the price continues to outshine its peers. In the last 30 days, the value of SOL has increased by 180%, rising as high as $62 on November 11. However, the rising price of SOL is not the only interesting thing the token has shown by the token. For a token that was once described as dead, it has shown tremendous strength. Coin Edition came to this conclusion because of a post by trader Bluntz Capital. The Big Players Are Here According to Bluntz, FTX, after getting the go-ahead to liquidate its assets, has been selling around 250,000 to 700,000 daily for the last three weeks. Regardless of the sales, SOL has failed to nosedive. Rather, the price has chosen the upside

Terra Classic Community Passes Major Constructive Proposal, LUNC And USTC To $1?

The Terra Luna Classic community has passed another key proposal as they prepare for a revival of Terra Luna Classic (LUNC) and repeg USTC stablecoin to $1. The proposal aimed at having a guideline for a pay-per-job approach on the Terra Classic chain as core developer L1TF goes into maintenance mode for Q4. Meanwhile, the community is also collaborating on other fronts to keep LUNC and USTC above key support levels as traders started booking profits amid the latest pullback in the crypto market. Terra Luna Classic Passes Pay Per Job Proposal Proposal 11889 “Pay-per-job and governance-ruled Job List” has passed successfully. The proposal deemed the monthly model of roadmap and payment planning as suboptimal and plans to switch to a pay-per-job model. The proposal has received 91.99% “Yes” votes, with others mostly voting “Abstain”. The community believes it will optimize compensation structure, provide flexibility and transparency, boost community engagement, and risk mitigation. A

Crypto Ethone

Search This Blog