MoneyGram received $15.1 million from Ripple in Q2 for providing liquidity for Ripple’s XRP-based cross-border settlement network, according to coindesk.com. 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.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
