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Sunday, November 29, 2020
Banking MoneyGram shares soar

MoneyGram shares soar

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MoneyGram shares soared Tuesday after it

announced a new partnership with the cryptocurrency company Ripple.

The two-year deal allows MoneyGram to

use Ripple’s blockchain service for

cheaper cross-border payments. Ripple,

based in San Francisco, invested $30

million in MoneyGram as part of the deal,

with an option to purchase up to an

additional $20 million in shares at $4.10

each.

Blockchain is a digital record that is often used to

track the use of digital money such as Ripple and

Bitcoin.

Shares in Dallas-based MoneyGram had

their largest one-day percentage gain ever

Tuesday, jumping 168%. The company’s

stock, however, has never fully recovered

from the global economic crisis 10 years ago

when shares were close to $300 each. The

company lost about $1.5 billion investing in

mortgage-backed securities.


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