Following up on a $30-million investment in June, blockchain-services provider Ripple Labs Inc. has made another $20-million equity investment in wire-transfer provider MoneyGram International Inc., making Ripple the owner of nearly 10% of MoneyGram’s common stock.
Announced Monday, the new investment is no surprise. The companies indicated in June it was an option as part of a commercial agreement that includes MoneyGram using Ripple technology to facilitate fast, low-cost settlements of cross-border transactions. Ripple paid $4.10 per share, a nearly 34% premium to MoneyGram’s Friday closing price of $3.07.