MoneyGram received over $15 million from Ripple in Q2 for providing liquidity for Ripple’s XRP-based cross-border settlement network.
In its second-quarter results Thursday, the Texas-based remittances company said it received $15.1 million from Ripple in what it called "market development fees."
Offsetting transaction expenses, MoneyGram said it made $8.8 million net benefit.
In its 2019 annual report, MoneyGram defined market development fees as the compensation for providing liquidity to Ripple's On-Demand Liquidity (ODL) network – the settlements layer using the XRP token to send money across borders.
MoneyGram received $16.6 million in Q1 2020, taking total compensation to $31.7 million in H1 2020. It also received a total of $11.3 million in H2 2019.
Ripple has so far paid MoneyGram $43 million to provide liquidity for its ODL network.
MoneyGram started using ODL for some of its global remittance operations in June last year.
Ripple completed the purchase of a $50 million equity stake in MoneyGram in November.