News Formal

Blockchain company Ripple invests in MoneyGram to power cross-border payments, shares explode higher

  • 📰 MarketWatch
  • ⏱ Reading Time:
  • 16 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 10%
  • Publisher: 97%

Business News News

Business Business Latest News,Business Business Headlines

MoneyGram is up over 130% in after hours trade. Here's why:

Blockchain company Ripple announced an investment in and partnership with MoneyGram International Inc. MGI, -2.68% Monday afternoon, sending MoneyGram shares soaring more than 100%. Ripple, which is known for its XRP XRPUSD, -0.29% cryptocurrency and blockchain technology, agreed to purchase $30 million worth of freshly created MoneyGram shares at $4.10 apiece, and can purchase another $20 million more at its discretion at a minimum of $4.10. MoneyGram shares closed Monday at $1.

45, but exploded higher after the announcement, recently topping $3 in after-hours trading. The cost of an XRP coin jumped more than 5% immediately after the announcement. MoneyGram will use Ripple's XRP technology to handle cross-border transfers of digital funds for at least two years under the deal.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Shares of cancer-therapy companies skyrocket after Pfizer acquisition newsShares of gene-therapy companies shot up on Monday after Pfizer Inc. announced it would acquire cancer drug maker Array BioPharma Inc. in a deal worth up to... What’s bitcoin doing if these are skyrocketing?
Source: MarketWatch - 🏆 3. / 97 Read more »