By Solomon OdunayoAs a recent report has it, Ripple, the cross-border payment firm, paid its strategic partner MoneyGram the sum of $15.1 million in XRP incentives in the second quarter of 2020.
This huge sum was revealed by the money transfer giant in its Q2 earnings report published on 30th July 2020. According to the report, Ripple paid $15.1 million but $6.3 million was offset by related transaction and trading expenses, leaving $8.8 million as a net benefit.
Rather than considering the sum of funds received from Ripple as revenue, MoneyGram categorized it as “market development fees” and “contra expense”. The incentives received by the payment giant in XRP is based on the volume transacted via the On-Demand Liquidity (ODL) platform powered by Ripple.
The incentives of the second quarter of the year are a bit lower than the sum of $16.6 million paid in the first quarter of 2020 as reported by MoneyGram.
Does MoneyGram Hold XRP It Receives From Ripple?
MoneyGram has once clarified that it does not retain XRP it receives from the San Francisco based payment firm. A MoneyGram Spokesman said, “We sell XRP as soon as we receive it.”
Ripple went into a strategic partnership with MoneyGram in June 2019 to leverage the utilities embedded in XRP in forex settlements, which is part of MoneyGram’s cross-border payment process.
Based on the deal that is slated to expire in July 2023, Ripple invested $50 million in MoneyGram.
Brad Garlinghouse Exposes new wave Of Scam
The CEO of Ripple, Brad Garlinghouse, has some hours ago exposed another means created by scammers to carry out their usual habit.
Garlinghouse stated in a tweet that scammers are starting to expand further by targeting LinkedIn crypto holders with a fake profile of himself and one of the biggest personalities in the XRP community. He thereby warned users to stay vigilant and skeptical of dubious requests or messages.
Brad Garlinghouse tweeted, “Another day, another platform hosting scams… LinkedIn is the latest, with imposter profiles created by bad actors. PSA: stay vigilant and skeptical of suspicious requests/messages. If it looks like a scam, it probably is!”
Another day, another platform hosting scams… @LinkedIn is the latest, with imposter profiles created by bad actors. PSA: stay vigilant and skeptical of suspicious requests/messages. If it looks like a scam, it probably is! pic.twitter.com/2cSQaZJFtE
— Brad Garlinghouse (@bgarlinghouse) July 30, 2020