Ripple Sends $15 Million to MoneyGram – FXCoin to Give Away XRP

TEXAS, The United States – Ripple sends more than $15 million of XRP in quarter-two to MoneyGram. The purpose of the transfer is to provide liquidity for the XRP-based cross-border payment scheme. Aside from the Texas-based company, a Japanese-based company with XRP affiliation declares giveaways in XRP.

Ripple, the third-biggest digital asset by market capitalization, transferred more than $15 million of XRP to a cross-border payment network, MoneyGram. During quarter-two of the year 2020, MoneyGram, an XRP-based company, received the funds, and Ripple defined the transaction as market growth fees.

MoneyGram, from Texas, has an exact $15.1 million, which Ripple provided. With the offsetting business outlays, the net benefit is $8.8 million.

In the previous year’s report, MoneyGram defined market enhancement fees as an advantage for offering liquidity to the ODL or On-Demand Liquidity network of Ripple. The payments layer is utilizing the XRP altcoin to transfer money across borders.

In quarter-one, MoneyGram received $16.6 million, having a total compensation worth $31.7 million. Aside from that, the company received another $11.3 million in 2019.

Ripple sent a total of $43 million to MoneyGram to offer ODL network’s liquidity, and it completed the acquisition of $50 million equity share in the cross-board payment network in November.

If this Texas-based company received millions of XRP from Ripple, this Japanese-based company gives away XRP tokens.

FXCoin, a Ripple-affiliated company, might let Japanese users end up with XRP altcoins after the company declared an altcoin giveaway, and new account holders are eligible. It’s one of the most prominent digital asset players, and it stated that it’s planning to pay eSports players, along with managers, in Ripple’s XRP.

FXCoin will send 50 XRP, which is around $12, to all newly established account holders. As per the official release, the digital asset exchange declared that the giveaway is subject to accessibility. It would be on a first-come-first-served basis. The date set by the company is until August 31.

The exchange included customers who exchanged 250 XRP, which is $61, or more with this company might also get the extra 50 XRP.

The giveaway is not unparalleled because SBI VC Trade, the digital asset exchange branch of SBI Group, had another comparable promotional offer for customers involving 50 XRP giveaways in May. The Japanese-based bank, SBI, provided the reward to some of its stakeholders with the benefits of being an XRP shareholder as well.

SBI Group is the biggest partner of Ripple in Asia, and it’s famous as the banking giant.

The banking giant stated that it’s considering a project that might include paying pro gamers via XRP.

According to Coin Post, a media outlet, the business group introduced a new professional gaming subordinate named SBI eSports. The company recommended that XRP might work as the primary currency for the new business. Also, Ripple altcoins utilized as wages to eSports teams’ managers and media coverage. Plus, the company uses this digital asset to supply money to eSports consultancies.

Now, XRP exchanges at $0.25. Despite having 22% downward rage for the year, the XRP price boosted by 21% in one week, and 38% in one month.

Show More

Jamie West

Jamie is an XRP veteran & keeps his finger on the pulse when it comes to all things crypto.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button