Ripple’s partnership with “MoneyGram” officially ends, and the SEC lawsuit continues
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Answer Ripple’s partnership with “MoneyGram” officially ends, and the SEC lawsuit continues
The partnership between Ripple and MoneyGram, through which MoneyGram has enhanced remittance services using XRP and Ripple technology, has officially ended.
We mentioned in several previous news headlines on the Arab Bitcoin website about the problems faced by the “MoneyGram” company due to the lawsuit filed by the “SEC” against Ripple.
Last February, MoneyGram decided to stop the partnership with Ripple temporarily, after which the decision came to stop the partnership permanently.
It appears that both companies have terminated the partnership on amicable terms, with Ripple suggesting that the partnership may be re-concluded in the future.
came Official statement From Ripple as follows:
Read:Digital currency XRP rises above $0.5 level as lawsuits against Ripple continue
Ripple and MoneyGram have taken the decision to terminate the existing partnership agreement.
Together we have processed billions of dollars through RippleNet and ODL.
We are both committed to reconsidering our relationship in the future.
Ripple’s official statement addressing the termination of its relationship with MoneyGram comes as the money transfer giant announced last week that it will not use XRP for remittance services in the first quarter of 2021.
As he told us, MoneyGram’s decision to stop using XRP in its cross-border transactions was a direct result of the legal issues Ripple is currently facing with its XRP cryptocurrency.
MoneyGram and Ripple’s partnership was short-lived, but it proved fruitful for both. Through MoneyGram’s partnership with Ripple, MoneyGram was able to generate $61.5 million in market development fees.
But legal problems surfaced recently, as investors sued MoneyGram over XRP.
Class action lawsuit filed against MoneyGram for misleading investors using XRP
The decision to end the partnership between MoneyGram and Ripple may be the best option for both, as the SEC has opened the door to several lawsuits over Ripple, its digital currency, XRP, and associated institutions.
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In the future, the vision towards the digital currency XRP may be clarified by the SEC, and we see the return of the partnership of Ripple and “MoneyGram”, which represent one of the largest remittance companies in the world.
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