MoneyGram received $15 million from Ripple

by in Cryptocurrency News

MoneyGram Ripple

The money transfer service MoneyGram received $15.1 million in XRP from the fintech startup Ripple, according to the company's second-quarter report.

Related: MoneyGram expands Ripple partnership with $11.3M

Adjusted for mutual transactions, the amount of incentives received from the strategic partner is estimated at $6.3 million.

In the first quarter, the volume of such payments amounted to $16.6 million. Earlier, the company said that the received tokens are immediately sold on the market as they become available.

MoneyGram financiers attributed the payments received as "market development fees" not directly related to operating income.

The service receives incentives in XRP based on the volume of transactions that go through the On-Demand Liquidity (ODL) platform for cross-border payments. At the end of last year, MoneyGram announced the beginning of the active use of ODL based on the XRP token from Ripple.