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Crypto Startups

Ripple Acquires Stake in MoneyGram

Ripple, a cryptocurrency startup that facilitates cross-border transactions for financial institutions, said Monday that it was partnering with MoneyGram to use the digital currency XRP in the money transfer service’s operations. As part of the deal, Ripple, which is the creator and a major holder of XRP, will acquire an 8% to 10% stake in MoneyGram at $4.10 per share. The deal was announced after the market close on Monday and MoneyGram’s shares more than doubled on Tuesday, closing at $3.88. Ripple announced a similar experiment with Western Union last year, but the money transmitter ended the pilot after seeing limited savings, according to Fortune.

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