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.
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.
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.