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Ripple Sent MoneyGram $9,300,000 In XRP In Q3 2020 – Crypto Gazette

Ripple has been making headlines a lot this year despite the global crisis in the middle of which we are.

The firm has been boosting the whole XRP ecosystem, and they have also been pushing the adoption of the digital asset XRP.

Ripple sends MoneyGram millions of dollars in XRP

It’s been just revealed that new financial filings show that Ripple sent money transfer giant MoneyGram millions of dollars worth of XRP in Q3 of this year.

Daily Hodl noted recently that MoneyGram received $9.3 million in Q3 from Ripple in “market development fees.”

MoneyGram also said that it witnessed a net benefit of $8.9 after $400,000 in “transaction and trading expenses.”

It’s been reported that the market development fees are sent in XRP, and MoneyGram said that they are converting this into cash right away.

Also, it’s worth noting that the firm said that Ripple market development fees are categorized as revenue, but they are now using fees to offset expenses, a press release coming from MoneyGram says.

In an SEC filing, MoneyGram explained the reasons for which it receives compensation in the form of XRP from Ripple.

“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. We refer to this compensation as market development fees.”

It’s also worth noting that in Q2 2020, the payments giant reported that it received “$15.1 million worth of XRP in market development fees with a net benefit of $8.8 million after $6.3 million in expenses related to transactions and trading.”

You should check out the complete press release in order to learn more details.

In other recent news, ​Ripple CEO Brad Garlinghouse has recently praised the U.K. Financial Conduct Authority, as well as the Monetary Authority of Singapore – this move made XRP users question whether this means the network will move to one of these regions.

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