Ripple News

Ripple Ends Its Partnership With MoneyGram – Official.

In line with an official report, Ripple Labs has revealed the end of its partnership with MoneyGram and has decided to end their agreement.

This ends an agreement the 2 firms had placed on hold earlier in February.

Ripple Ends Its Partnership With MoneyGram - Official.

Under terms of the agreement that was placed on hold and is now ending, Ripple had been paying MoneyGram to use the XRP token in the global settlement since 2019 and primarily engaging within a pilot agreement with the service earlier in 2018. Since then, MoneyGram had netted $61.5 Mln in “market development fees” from Ripple.

Shares of MoneyGram dropped in after-hours trading, presently down 7% at the reporting time.

The agreement was placed on hold after United States SEC [Securities and Exchange Commission] sued Ripple explaining that XRP is unregistered security in violation of U.S. investments law. XRP is fighting those assertions.

Ripple explained that both sides are “committed” to revisiting their relationship within the mere future.

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