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Ripple ends MoneyGram Partnership Amid SEC Lawsuit

Eric JacksonbyEric Jackson
March 9, 2021
in Blockchain & Digital Currencies, Global News
Reading Time: 2min read
Ripple MoneyGram

Ripple MoneyGram Money Transfer


Ripple, the blockchain payment firm, said on Monday 8th March the it would end its 2 year partnership with MoneyGram International Inc, the money transfer services company. The partnership had been suspended in late February but Ripple Chief Executive Officer, Brad Garlinghouse, confirmed in a tweet the plans to wind down the agreement all together.

Today, we’re announcing that Ripple and MGI have together decided to wind down our current partnership agreement, and are both committed to revisiting it in the future. See our full statement: 1/2 https://t.co/KGOzPWuThR

— Brad Garlinghouse (@bgarlinghouse) March 8, 2021

This announcement comes on the back of the U.S. Securities and Exchange Commission charging Ripple with conducting a $1.3 billion unregistered securities offering in December 2020 which has greatly affected the uptake of XRP.

Real Also: SEC Charges Ripple and Two Executives with Conducting $1.3 Billion Unregistered Securities Offering

ADVERTISEMENT

Ripple partnered with MoneyGram in 2018 in a then groundbreaking deal that would allow MoneyGram to use the XRP token for cross-border payment and foreign exchange settlement. Ripple then bought a $30 million stake in MoneyGram in 2019, with the partnership initially set for two years. Since then, MoneyGram has netted $61.5 million in “market development fees” from Ripple.

Related:

Bitcoin Reverses Loss on MicroStrategy Purchase, Steady at $50K

Bitcoin Tops $44,000 As Tesla Reveals $1.5 billion Holdings



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