Goldman Sachs has sold more than $6 million worth of shares in MoneyGram, the remittance company that provides liquidity for Ripple’s XRP settlement layer.
The U.S. investment bank and its subsidiaries this week informed the Securities and Exchange Commission (SEC) it had sold over 14,000 shares of Series D Preferred Stock in MoneyGram between August 5 and August 10.
This is convertible into nearly 1.8 million units of common stock, worth a total of $6.5 million on the Nasdaq at press time.
Based in Texas, MoneyGram has collaborated with Ripple since it started testing XRP for its international payments rails in January 2018.
Since H2 2019, the remittance company has received more than $40 million in “market development fees” from Ripple Labs in return for providing liquidity to its On-Demand Liquidity (ODL) network.
Ripple completed the purchase of a $50 million equity stake in MoneyGram last November.
Despite the sell-off, Goldman Sachs still owns well over 18 million units of common stock – a larger stake than Ripple Labs – at a total of $65 million worth.
It’s unclear why Goldman decided to sell approximately 9% of its position in MoneyGram.