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Ripple, MoneyGram to end their agreement

Tuesday 9 March 2021 09:25 CET | News

Ripple Labs and MoneyGram have decided to wind down their partnership agreement, according to CoinDesk.

This ends an agreement the two companies had put on hold in February 2021. The agreement was put on hold after US Securities and Exchange Commission sued Ripple saying XRP is an unregistered security in violation of US investments law. Ripple is fighting those assertions.

As part of the partnership, Ripple had been paying MoneyGram to use the XRP token in international settlement since 2019 and first engaging in a pilot agreement with the service in 2018. Since the beginning of their collaboration, MoneyGram had netted USD 61.5 million in ‘market development fees’ from Ripple.

Still, Ripple said the two sides are ‘committed’ to revisiting their relationship in the future.


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Keywords: XRP, Ripple, settlement, Token
Categories: Blockchain & Cryptocurrencies | Cryptocurrencies
Countries: United States
This article is part of category

Blockchain & Cryptocurrencies