MoneyGram Announces Strategic Partnership with Ripple
Vinson & Elkins advised MoneyGram International, Inc. in its strategic agreement with Ripple, a provider of leading enterprise blockchain solutions for global payments, that will enable MoneyGram to utilize Ripple’s xRapid product, leveraging XRP in foreign exchange settlement as part of MoneyGram’s cross-border payment process, including a $30 million investment by Ripple in Moneygram’s common stock and warrants and arrangements for future investments up to an additional $20 million (subject to certain conditions).
The partnership supports the companies’ shared goal of improving the settlement of cross-border payments by increasing efficiency and reducing cost through RippleNet.
The V&E Corporate team was led by partners Alan Bogdanow, Chris Rowley and counsel Wes Watts, with assistance from senior associate Doug Smith and associates Alex Robertson, Alex Turner and Breanna Kelly. Also advising were partner Cris Dewar, senior associate Sean Hill, and partner Jim Meyer.
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