MoneyGram received over $15 million from Ripple in Q2 for providing liquidity for Rippleâs XRP-based cross-border settlement network.
- In its second-quarter results Thursday, the Texas-based remittances company said it received $15.1 million from Ripple in what it called âmarket development fees.â
- 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 Rippleâs On-Demand Liquidity (ODL) network â 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.
See also: Ripple Says XRP Lawsuit Based on âUnsupported Leaps of Logicâ
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