MoneyGram and Ripple partnership ended
Ripple and MoneyGram have ended their partnership and settled their payment using XRP and Ripple Technology. Both have ended the partnership in a friendly tone, and Ripple even told that the partnership might get implemented in the future.
Ripple officials said that Ripple and MoneyGram have decided to end the current partnership agreement. Together, they processed billions of dollars through RippleNet and On-Demand Liquidity (ODL). They are both committed to revisiting their relationship in the future.
Ripple’s official statement concluded the relationship with MoneyGram comes just as the giant money transfer announced that they will not be using XRP for payment services.
MoneyGram’s decision to stop using XRP for its cross-border transactions was largely influenced by the lawsuit that Ripple is currently facing. As of now, they have been considered unregistered security.
Although, Money Gram and Ripple partnership have proved high-yielding for both. Through this partnership, MoneyGram managed to generate $61.5 million in market development fees.
MoneyGram was prosecuted by XRP
It can be a good decision to end the partnership between MoneyGram and Ripple, as SEC’s pause on XRP has opened many opportunities and legal complaints towards any organization using XRP.
Last week, Rosen Law filed a lawsuit against MoneyGram for misleading investors over XRP.
The suit claims that MoneyGram shareholders who bought the shares when they were in partnership with Ripple, must receive financial compensation.