Ripple’s Deal With MoneyGram Is Officially Over: Garlinghouse

Ripple’s deal with Moneygram is officially over as the CEO of Ripple explained in a press release but the company said that both companies are committed to revisiting the relationship in the future so let’s read more in our XRP news today.

Ripple’s deal with Moneygram ended as they broke off the partnership due to regulatory issues that Ripple faces with the SEC. MoneyGram already dropped Ripple last month because of the ongoing case against the company where the SEC alleged that Ripple’s sales of crypto were unregistered securities offerings. Moneygram’s move was a part of a bigger trend in the industry with exchanges like Coinbase and Binance delisting XRP and Grayscale distancing itself from Ripple entirely.

Today, we’re announcing that Ripple and MGI have together decided to wind down our current partnership agreement, and are both committed to revisiting it in the future. See our full statement: 1/2 https://t.co/KGOzPWuThR

— Brad Garlinghouse (@bgarlinghouse) March 8, 2021

At that time, a Ripple spokesperson said that the multi-year partnership with Moneygram is in place and that it was looking forward to finding “a path forward.” Now, the company said in a press release that the two companies come to a mutual understanding to end the partnership agreement with the CEO of Ripple- Garlinghouse tweeting that both Ripple and Moneygram are “committed to revisiting the partnership in the future.”

As previously reported, Payments company MoneyGram International was sued over allegedly false statements that were made regarding its partnership with Ripple Labs and their XRP Cryptocurrency. The class-action lawsuit was submitted on behalf of investors that purchased securities from the platform between June 17, 2019, and February of this year. The investor rights legal practice asserts MoneyGram made fraudulent statements regarding the partnership with Ripple Labs and the status of the coin as security.

Also, The international payments processor MoneyGram denies using Ripple’s RippleNet and its XRP token after various charges were levied against the company and its founders for selling unregistered securities.
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In a statement, the company said that it never used Ripple’s on-demand liquidity service or RippleNet in any form despite ripple popularizing the partnership two years ago. The company had a commercial agreement with Ripple since 2019 and with the agreement, the companies agreed on using Ripple’s foreign exchange blockchain trading platform for purchasing or selling four currencies. These businesses don’t directly use XRP but depend on the ripple blockchain for low-fee and quick cross-border transfers. MoneyGram now said that it received intimidation from the company about the lawsuit: