Ripple crypto startup plans to invest $50 million in MoneyGram

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.

Unicorns are real, and they're stampeding

Unicorn stampeding ahead.
Illustration: Lazaro Gamio/Axios

They were called "unicorns" for a reason: No one really knew whether Silicon Valley's fabled billion-dollar valuations were real, or whether they were a mixture of delusion and financial engineering that would evaporate upon contact with harsh public-market realities.

Flashback: An influential paper in 2017 declared that, properly valued, most so-called unicorns were actually worth less than $1 billion. The paper downgraded Zoom's valuation to $500 million from $1 billion. Other unicorns imploded either before they went public (Theranos) or afterwards.