Ripple says its partnership with Moneygram has ended
March 8, 2021, 4:52PM EST
1 min read
Distributed ledger company Ripple said Monday that its partnership with money transfer firm Moneygram is coming to an end.
"Together, Ripple and MoneyGram have made the decision to end our current partnership agreement," Ripple said in a blog post on the matter.
CEO Brad Garlinghouse said in a tweet accompanying the announcement:
"While the lack of a crypto reg framework has needlessly muddied the waters for U.S. businesses & consumers, there’s no denying what Ripple and MGI have achieved together. Billions of dollars have been sent and settled across borders through ODL w/ XRP."
Ripple also noted in its statement that both companies are "committed to revisiting our relationship in the future."
Ripple and Moneygram's partnership dates back to June 2019. As reported at the time, Moneygram agreed to use the digital asset XRP as part of its foreign exchange settlement process, with Ripple taking an equity position in the company. As part of the deal, Moneygram received financial incentives in the form of XRP (though, as it disclosed in public filings, Moneygram did not hold the XRP but rather sold it upon receipt).
Moneygram moved to suspend its use of Ripple's platform last month, as The Block previously reported, in light of Ripple's ongoing legal fight with the U.S. Securities and Exchange Commission (SEC), which filed suit against Garlinghouse, co-founder Chris Larsen and Ripple in December.
Since December, Ripple has filed its formal response to the SEC complaint. Both Garlinghouse and Larsen have moved to have the charges against them dismissed.