Ripple’s partnership with MoneyGram may not be as warm as it once was, but it’s paying off.
Ripple Labs has sold a huge chunk of its 2019 investment in MoneyGram.
Per a Friday night filing with the Securities and Exchange Commission on Friday night, from Nov. 27 through Dec. 4, Ripple Labs managed to sell 2,264,113 shares of MoneyGram (MGI). The tech firm netted a total of $15,303,792.60 from the sales.
MoneyGram’s stock value has soared in recent months, from $2.94 on Oct. 1 to $8.53 on Nov. 23. In no small part thanks to news of Ripple’s sell-off, MGI has slipped back down to $6.54 as of publication.
Despite a flurry of announcements of expanding integration between the remittances firm and Ripple throughout 2019, the relationship between the two companies seemed to have settled earlier this year.