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1.48%Ripple Paid MoneyGram $15.1M in 'Market Development Fees' in Q2
With the $15.1 million in Q2, MoneyGram has so far received $43 million for providing liquidity for Ripple’s XRP-based settlement system.
MoneyGram received over $15 million from Ripple in Q2 for providing liquidity for Ripple's XRP-based cross-border settlement network.
STORY CONTINUES BELOW
- In its second-quarter results Thursday, the Texas-based remittances company said it received $15.1 million from Ripple in what it called "market development fees."
- Offsetting transaction expenses, MoneyGram said it made $8.8 million net benefit.
- In its 2019 annual report, MoneyGram defined market development fees as the compensation for providing liquidity to Ripple's On-Demand Liquidity (ODL) network – the settlements layer using the XRP token to send money across borders.
- MoneyGram received $16.6 million in Q1 2020, taking total compensation to $31.7 million in H1 2020. It also received a total of $11.3 million in H2 2019.
- Ripple has so far paid MoneyGram $43 million to provide liquidity for its ODL network.
- MoneyGram started using ODL for some of its global remittance operations in June last year.
- Ripple completed the purchase of a $50 million equity stake in MoneyGram in November.
See also: Ripple Says XRP Lawsuit Based on ‘Unsupported Leaps of Logic’
Paddy Baker
Paddy Baker is a London-based cryptocurrency reporter. He was previously senior journalist at Crypto Briefing.
Paddy holds positions in BTC and ETH, as well as smaller amounts of LTC, ZIL, NEO, BNB and BSV.
