MoneyGram is not planning for any benefit from Ripple market development fees in Q1/2021
According to MoneyGram’s quarterly outlook, the global money transfer service says it has changed its relationship with Ripple amid the latter’s litigation with the SEC.
“The Company is not planning for any benefit from Ripple market development fees in the first quarter. Due to the uncertainty concerning their ongoing litigation with the SEC, the Company has suspended trading on Ripple’s platform,” global money transfer service said.
In the first quarter of 2020, MoneyGram realized a net expense benefit of $12.1 million from Ripple market development fees.
The collaboration between the two firms largely began three years ago, when MoneyGram integrated XRP into its payment system. The following year, Ripple and MoneyGram entered into a partnership for cross-border payments and foreign exchange settlements with digital assets.
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