MoneyGram received over $16 million in XRP through incentive program

MoneyGram, a publicly-traded payments company, disclosed in their quarterly financial statements that they received $16.6 million in XRP from Ripple as part of their incentives for using their RippleNet solution. According to The Block, this was more than the combined $11.3 million they received in the last two quarters combined, although the XRP is allegedly sold as soon as it’s received by the company. Last year, Ripple invested a total of $50 million into MoneyGram as part of an agreement set to expire on July 1, 2023.

Why it matters

• Ripple recently reported its lowest ever quarterly sales with combined programmatic and institutional amounts under $2 million. This significant dropoff coincides with their recent $200 million raise which is now likely being used as working capital rather than the quarterly sales. However, even though those sales have dropped off, MoneyGram’s financials show there is still a substantial volume of XRP leaving the company to corporate partners.