Home » Blog » News » Ripple and MoneyGram Partnership Ends amid SEC Lawsuit

Ripple and MoneyGram Partnership Ends amid SEC Lawsuit

George Georgiev

Ripple and MoneyGram’s partnership through which they furthered remittance services using XRP and Ripple technology has officially ended.

Ripple’s official statement addressing the conclusion of its relationship with MoneyGram comes just as the money transfer giant announced last week that it will not be using XRP for remittance services “in the first quarter of 2021.” MoneyGram’s decision to halt the use of XRP for its cross-border transactions was largely influenced by the lawsuit impediment that Ripple is currently facing for XRP – which the SEC alleges is an unregistered security.

Although short-lived, MoneyGram and Ripple’s partnership has proved to be fruitful for both. Through its partnership with Ripple, MoneyGram has managed to generate $61.5 million in market development fees.

George Georgiev All articles this author

For example, an insurance company could use smart contracts to automate the release of claim money based on events such as large-scale floods