MoneyGram earned $9.3 million from Ripple in the third quarter

The fintech startup Ripple directed $9.3 million to MoneyGram, according to the company’s third-quarter report.

Excluding $0.4 million for “transaction and trading costs,” the amount stood at $8.9 million.

MoneyGram earns commissions in XRP based on the volume of transactions passing through the On-Demand Liquidity (ODL) system for cross-border payments.

In November 2019, CEO Alex Holmes said that MoneyGram processes 10% of transfers between the United States and Mexico using ODL. Later Ripple invested $50 million in the service, obtaining 9.95% of ordinary shares.

Earlier, from January through March 2020, MoneyGram received $16.6 million from the fintech startup. In the second quarter, payment volume stood at $15 million.

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