Ripple Labs has sold most of its 2022 investment in MoneyGram.
As of Friday night filings 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 company grossed a total of $15,303,792.60 from sales.
The value of MoneyGram’s stock has surged in recent months, from $2.94 on October 1 to $8.53 on November 23. Thanks to the Ripple sale news, MGI has dropped back to $6.54 since publication.
While there have been many announcements about expanding integration between the remittance company and Ripple throughout 2022, the relationship between the two companies appears to have been finalized earlier this year.
Ripple initially announced a major investment into MoneyGram last June, which led to MoneyGram using its former xRapid technology to speed up payments. XRapid uses XRP to facilitate liquidity.
Ripple, which still owns 48 billion XRP, has spent the last few years playing down its relationship with the token, although the recent spike in price may change that.