Ripple Sells 2,264,113 Of The Shares In MoneyGram, FRMO Corp Calls XRP One of the Most Intriguing Assets in Crypto

From Nov. 27 through Dec. 4, Ripple Labs managed to sell 2,264,113 shares of MoneyGram (MGI). The tech firm netted a total of $15,303,792.60 from the sales, per a filing with the SEC on Dec 4.

On November 27, 2020, Ripple sold 255,748 shares of Common Stock pursuant to the Plan at a weighted average price per share of $7.47.

On November 30, 2020, Ripple sold 461,706 shares of Common Stock pursuant to the Plan at a weighted average price per share of $6.93.

On December 1, 2020, Ripple sold 240,794 shares of Common Stock pursuant to the Plan at a weighted average price per share of $6.99.

On December 2, 2020, Ripple sold 331,570 shares of Common Stock pursuant to the Plan at a weighted average price per share of $6.67.

On December 3, 2020, Ripple sold 533,929 shares of Common Stock pursuant to the Plan at a weighted average price per share of $6.42.

On December 4, 2020, Ripple sold 220,183 shares of Common Stock pursuant to the Plan at a weighted average price per share of $6.52.

Ripple may be deemed to beneficially own 7,549,397 Shares, representing 9.95% of the shares of Common Stock outstanding.

Ripple initially announced a major investment into MoneyGram last year, which led to the latter using the former’s xRapid technology to speed up payments. XRapid uses XRP to facilitate liquidity.

FRMO Corp Calls XRP One of the Most Intriguing Assets in Crypto

In its latest letter to shareholders, the firm outlines its bullish stance on the crypto markets and specifically outlines XRP as a unique digital asset due to the fact that it’s not mined and is deflationary in nature.

“XRP, itself, is one of the more intriguing currencies, as it is explicitly deflationary. There is a modest cost for transacting in XRP, which is not actually paid to any intermediary. The fee, which is a very small fraction of a unit of XRP and which is used to protect the network, is simply destroyed. Therefore, the number of XRP units is constantly decreasing. If the transaction velocity of XRP were to rise greatly, the number of currency units would decline greatly, thereby creating a substantial return even if the coin itself did not experience an increase in market capitalization. It would, however, experience an increase in value per unit.

Unlike other cryptocurrencies, XRP is not mined, and its validation system is closed to outsiders, which differs from the cryptocurrencies that are mined. The mined cryptocurrencies are open systems that welcome new participants. Nevertheless, XRP, at least theoretically, does have significant return potential.”

FRMO says its private partnership investments now hold positions in Bitcoin and many of the top 10 largest crypto assets by market cap.

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