MoneyGram partnered with Ripple in 2019 to use the service as part of its transfer solutions, but has since suspended XRP as remittance currency in February due to Ripple’s legal woes.
The action centers on claims that MoneyGram did not confirm the status of XRP as a security, which constitutes a breach of the rules around issuing and selling securities.
This week, CoinGeek Pulse features Microsoft co-founder Bill Gates’ interview with Bloomberg’s Emily Chang, where he was quoted saying “he is not bullish” on BTC.
MoneyGram said it would no longer be using Ripple’s XRP remittance solution until the payments firm sorts out its legal issues with the U.S. securities regulator.
It has been revealed via an SEC filing that Ripple plans to sell 4 million of its MoneyGram ($MGI) shares by March 21, 2021.
MoneyGram has published its Q3 International Report which revealed that Ripple paid MoneyGram $9.3 in Q3 2020 for their "strategic partnership."
The investment banking giant has sold a stake worth $6.5 million in MoneyGram, the remittance partner of Ripple, according to SEC filing.
MoneyGram receives the payout according to how much volume they transfer over Ripple’s on-demand liquidity platform each month.
Jed McCaleb was on the team that founded Ripple—and for a very long time, he has been selling upwards of 1 million XRP per day.