Ripple and MoneyGram officially end partnership
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.
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.
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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.
MoneyGram has $878 million worth of debt and has been hit hard by the COVID-19 pandemic.
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.
MoneyGram hopes that Sentbe can help bring their services into the 21st century.
Ripple is hoping a partnership with Moneygram to help adoption of its XRP dark coin.