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MoneyGram Declared $11.3M Ripple Cash Injection As Revenue

Ramsey Baker

Summary: A United States Securities and Exchange Commission (SEC) 8-K filing by remittance processor, MoneyGram, revealed that Ripple has been injecting a large sum of money into the business since they first invested in the company in June 2019. According to a report from the Financial Times on Feb. 28, MoneyGram had been classifying these cash ...

A United States Securities and Exchange Commission (SEC) 8-K filing by remittance processor, MoneyGram, revealed that Ripple has been injecting a large sum of money into the business since they first invested in the company in June 2019.

According to a report from the Financial Times on Feb. 28, MoneyGram had been classifying these cash flows as revenues until meeting with the SEC. According to the filing in the third and fourth quarters of 2019, ripple injected $11.3 million into MoneyGram, which was described as “Ripple market development fees.”

By Ramsey Baker

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