In 2019, Ripple Labs sold most of its MoneyGram investment.
At the time of filing an application with the SEC on Friday evening from November 27 to December 4, Ripple Labs managed to sell 2,264,113 shares of MoneyGram (MGI). The technology company generated $ 15,303,792.60 sales revenue.
MoneyGram’s stock price increased from $ 2.94 on October 1 to $ 8.53 on November 23 in recent months. Far from being driven by Ripple sales news, MGI dropped to $ 6.54 per post.
Despite a number of announcements about expanding the integration between the money transfer company and Ripple through 2019, it appears that the relationship between the two companies has been established earlier this year. However, a Ripple spokesperson told Cointelegraph:
“Ripple is a proud partner in transforming MoneyGram’s digital growth. This is a purely financial decision aimed at generating some value from Ripple’s investment in MGI and in no way reflects the current state of our partnership.”
Ripple originally announced a major investment in MoneyGram in June of last year, which led to the latter’s use of its earlier xRapid technology to speed up payments. XRapid uses XRP to boost liquidity.
Ripple, which still owns 48 billion XRP, has downplayed its relationship with the token over the past few years, although recent price hikes may change that.