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Ripple Labs sold a huge chunk of its 2019 investment in MoneyGram.
According to a Friday night filing with the Securities and Exchange Commission on Friday evening, from November 27 to December 4, Ripple Labs managed to sell 2,264,113 shares of MoneyGram (MGI). The tech firm made a total of $ 15,303,792.60 from sales.
The value of MoneyGram’s stock has soared in recent months, from $ 2.94 on October 1 to $ 8.53 on November 23. Largely thanks to the news of the Ripple sell-off, MGI is back at $ 6.54 upon release.
Despite a flurry of announcements of expansion of the integration between the remittance company and Ripple throughout 2019, the relationship between the two companies seemed to have been resolved earlier this year.
Ripple initially announced major investments in MoneyGram last June, which led to the latter using the former’s xRapid technology to accelerate payments. XRapid uses XRP to facilitate liquidity.
Ripple, which still owns 48 billion XRP, has spent the past few years downplaying its relationship with the token, though recent price hikes may change that.
