MoneyGram received $15.1 million in XRP from Ripple in Q2

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

When adjusted for reciprocal transactions, the amount of incentives MoneyGram received from its 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 stated that the received tokens are sold on the market as they arrive.

MoneyGram’s financiers categorized the payments as ‘market development fees’ not directly related to core operating income.

The service earns XRP incentives based on the volume of trades processed through the On-Demand Liquidity (ODL) platform for cross-border payments. At the end of last year, MoneyGram announced the start of active use of ODL based on Ripple’s XRP token.

The $50 million deal between Ripple and MoneyGram closed late last year. As a result, the California-based startup owns 9.95% of the money-transfer service.

In June the fintech startup joined the recently formed Open Payments Coalition, which is launching a global PayID-based payment system using simple and intuitive identifiers.

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