Recently, MoneyGram announced the sell of $11,3 million worth XRP, its 2019 annual report states.
The money transfer company has sold over $11.3 million worth XRP that it received from Ripple as a part of its commercial agreement with the fintech firm. As the report states:
““The Company is compensated by Ripple in XRP for developing and bringing liquidity to foreign exchange markets, facilitated by the ODL platform, and providing a reliable level of foreign exchange trading activity.”
During the last SEC filing, MoneyGram reported about recieving XRP from Ripple as compensation for the usage of Ripple’s ODL platform in order to make effective cross-border payments much easier.
The platform ODL converts the currency of a sender into XRP, moves it across borders, and then converts it to the receiver’s currency. As stated by The Block, Money Gram instantly liquidates all XRP that it receives from Ripple.
It is worth noting that in June of the previous year, MoneyGram signed a partnership deal with Ripple with the intention to make cross-border payments and foreign exchange settlements easier. Ripple acquired a $50-million stake in MoneyGram.
At the present, MoneyGram is using XRP to move 10% of its transaction volume between the U.S. and Mexico.