Blockchain firm Ripple to end partnership with MoneyGram
Reuters
Published Mar 08, 2021 17:32
Updated Mar 08, 2021 18:12
(Reuters) - Blockchain payment firm Ripple will end partnership with money transfer services company MoneyGram International Inc, the companies said on Monday.
They did not specify the reason behind the decision to terminate the agreement, but Ripple Chief Executive Officer Brad Garlinghouse said in a Twitter post https://twitter.com/bgarlinghouse/status/1369034531865563150 that the companies were committed to revisiting the partnership in future.
Ripple bought a $30 million stake in MoneyGram in 2019, with the partnership initially set for two years. The deal allowed MoneyGram to use Ripple's product for cross-border payment and foreign exchange settlement. (https://reut.rs/3emIgNk)
In December, the U.S. Securities and Exchange Commission charged Ripple, associated with cryptocurrency XRP, with conducting a $1.3 billion unregistered securities offering.
While bitcoin is considered a commodity by U.S. financial regulators, most other cryptocurrencies are yet to be classified as commodities or securities.
MoneyGram, which stopped transacting under its commercial agreement with Ripple in early December, said in a regulatory filing it will not receive any market development fees in 2021.
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.