Mirela Ciobanu
24 Dec 2020 / 5 Min Read
‘MoneyGram will continue to monitor the situation as it evolves’, a company spokesperson told CoinDesk in an emailed statement. Furthermore, the company ‘has continued to utilise its other traditional FX trading counterparties throughout the term of the agreement with Ripple’.
The SEC alleged that Ripple used XRP, the cryptocurrency two of its founders created, to conduct an ongoing USD 1.3 billion sales of unregistered securities.
Ripple owns more than 4% of MoneyGram and paid MoneyGram USD 9.3 million in Q3 2020 for providing liquidity for Ripple’s XRP-based cross-border settlement network. All in, Ripple has given MoneyGram USD 52 million for using Ripple’s on-demand liquidity (ODL) service, CoinDesk reported.
MoneyGram, currently the second-largest money transfer provider in the world behind Western Union, has used Ripple’s ODL to move in and out of four currencies since June 2019. In the complaint, the SEC alleges that ‘onboarding onto ODL was not organic or market-driven’ but rather ‘subsidised by Ripple’.
MoneyGram declined to comment further, the online publication added.
Mirela Ciobanu
24 Dec 2020 / 5 Min Read
The Paypers is the Netherlands-based leading independent source of news and intelligence for professional in the global payment community.
The Paypers provides a wide range of news and analysis products aimed at keeping the ecommerce, fintech, and payment professionals informed about the latest developments in the industry.
Current themes
No part of this site can be reproduced without explicit permission of The Paypers (v2.7).
Privacy Policy / Cookie Statement
Copyright