CEO Brad Garlinghouse: Ripple and MoneyGram International have together decided to wind down the partnership
Ripple said on March 9 that its partnership with money transfer company MoneyGram has come to an end. Both sides decided to terminate the current cooperation agreement.
While the lack of a crypto reg framework has needlessly muddied the waters for U.S. businesses & consumers, there’s no denying what Ripple and MGI have achieved together. Billions of dollars have been sent and settled across borders through ODL w/ XRP. 2/2
— Brad Garlinghouse (@bgarlinghouse) March 8, 2021
The Ripple and MoneyGram partnership is over
Ripple CEO Brad Garlinghouse posted the announcement of the end of this relationship. Although he has come to a dead-end, he cannot deny what both Ripple and MoneyGram have achieved together, with billions of dollars being sent and paid across borders.
Brad Garlinghouse also noted in his statement that both companies are committed to reconsidering their future relationship.
The partnership of Ripple and Moneygram starts in June 2019. Moneygram has agreed to use the XRP crypto asset as part of its forex settlement process, with Ripple holding a stake in the company. As part of the deal, Moneygram received financial incentives in the form of XRP.
However, Ripple has been in a legal battle with the SEC lately. MoneyGram asserted never used the RippleNet platform and “abandoned” Ripple in the midst of justice. This is a negative move from MoneyGram towards his partner friend, leading to a rift to the point of ending the relationship.
On the Ripple side, the SEC dismisses the petition of XRP investors, determined to sue with Ripple. However, it still doesn’t seem to affect the company’s next development. Last week, Ripple announced it would create its own blockchain to build CBDC development as well as announced that Ripple Asia is on the verge of expansion and not affected by the SEC lawsuit.
You can see the XRP price here.
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