Ripple, the startup behind the XRP cryptocurrency, has agreed to invest up to $50 million in MoneyGram, the giant money-transfer service.
Why it matters: "It is not the largest deal Ripple’s undertaken but is the largest company in which it has invested—and the first time it has invested in a publicly traded company," the Wall Street Journal reports.
Details: Ripple agreed to buy $30 million worth of shares and warrants to buy stock at $4.10 a share (for a 10% stake in the company), and additional warrants for up to $20 million worth of newly issued stock, also at $4.10 a share, over the next two years at MoneyGram’s discretion.
