Ripple paid MoneyGram $15.1 million in market development fees in Q2 2020
The content site is one of the sites that provide the service of answering general questions and solving puzzles and crossword puzzles
Where the content site is primarily interested in answering your questions in all areas, including solving puzzles and crossword puzzles
Answer Ripple paid MoneyGram $15.1 million in market development fees in Q2 2020
MoneyGram received more than $15 million from Ripple in the second quarter of this year to provide liquidity to Ripple’s XRP-based cross-border settlement network.
The $15 million figure emerged from second-quarter results published by MoneyGram on Thursday, where the Texas-based remittance firm MoneyGram said it received $15.1 million from Ripple in what it described as market development fees.
It told MoneyGram, which offset the transaction expenses, that it made a net profit of $8.8 million.
in her report For 2019, MoneyGram identified the market development fee as compensation for providing liquidity to Ripple’s On-Demand Liquidity (ODL) network that uses XRP to send funds across borders.
Read:Project Audius announces full support for NFT tokens running on Solana
MoneyGram received $16.6 million in the first quarter of 2020, bringing total compensation to $31.7 million in the first half of 2020.
MoneyGram also received a total of $11.3 million in the second half of 2019.
Ripple has so far paid MoneyGram $43 million to provide liquidity to Ripple’s ODL network.
MoneyGram started using ODL for some global transfers in June of last year.
Read:Bakkt allows its users to buy and sell Ethereum (ETH)
Ripple completed the purchase of a $50 million equity stake in MoneyGram last November.
Read also:
Ripple plans to enter DeFi in this way
Ripple is looking into converting the XRP cryptocurrency into a privacy currency
And you can ask questions on the content site through the word “Ask a question” at the top of the site, where we answer your questions in a short time