{"id":38548,"date":"2021-03-09T09:54:18","date_gmt":"2021-03-09T07:54:18","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=38548"},"modified":"2025-08-30T05:22:50","modified_gmt":"2025-08-30T02:22:50","slug":"ripple-ends-its-partnership-with-moneygram","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/ripple-ends-its-partnership-with-moneygram\/","title":{"rendered":"Ripple ends its partnership with MoneyGram"},"content":{"rendered":"<p>Ripple terminated its cooperation with MoneyGram&#8217;s money-transfer service, according to Brad Garlinghouse, the CEO of the California-based company.<\/p>\n<p><!--more--><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Today, we\u2019re announcing that Ripple and MGI have together decided to wind down our current partnership agreement, and are both committed to revisiting it in the future. See our full statement: 1\/2 <a href=\"https:\/\/t.co\/KGOzPWuThR\">https:\/\/t.co\/KGOzPWuThR<\/a><\/p>\n<p>\u2014 Brad Garlinghouse (@bgarlinghouse) <a href=\"https:\/\/twitter.com\/bgarlinghouse\/status\/1369034531865563150?ref_src=twsrc%5Etfw\">March 8, 2021<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>He said that in the future the firms intend to revisit the terms of the partnership.<\/p>\n<blockquote>\n<p>\u201cWhile the lack of a regulatory framework for cryptocurrencies is needlessly muddying the waters for business and users in the United States, one cannot deny the joint achievements of Ripple and MGI [MoneyGram],\u201d Garlinghouse said.<\/p>\n<\/blockquote>\n<p>In the summer of 2019, the service began processing cross-border payments via the On-Demand Liquidity (ODL) system, which uses the XRP token. For interacting with ODL, MoneyGram earned commissions in XRP.<\/p>\n<p>In November 2019, Ripple closed a deal worth $50 million, receiving 9.95% of the partner&#8217;s common stock. In the second quarter of 2020, the company paid the service <a href=\"https:\/\/forklog.com\/en\/news\/moneygram-received-15-1-million-in-xrp-from-ripple-in-q2\">$15 million<\/a>, and in the third \u2014 <a href=\"https:\/\/forklog.com\/en\/news\/moneygram-earned-9-3-million-from-ripple-in-the-third-quarter\">$9.3 million<\/a>.<\/p>\n<p>MoneyGram chief Alex Holmes said that over 18 months of cooperation with the fintech company, the number of transactions <a href=\"https:\/\/forklog.com\/en\/news\/moneygram-chief-outlines-results-of-ripple-partnership\">increased by 220%<\/a>, and online customers grew by 140%.<\/p>\n<p>In December 2020, the U.S. Securities and Exchange Commission <a href=\"https:\/\/forklog.com\/en\/news\/sec-files-suit-against-ripple\">charged Ripple<\/a> with selling unregistered securities in the form of $1.3 billion worth of tokens. Later the regulator <a href=\"https:\/\/forklog.com\/en\/news\/sec-clarifies-brad-garlinghouses-liability-in-ripple-lawsuit\">clarified the responsibility<\/a> of Garlinghouse and co-founder Chris Larsen.<\/p>\n<p>As a result, a number of cryptocurrency platforms and firms stopped supporting the XRP token. Among them were <a href=\"https:\/\/forklog.com\/en\/news\/coinbase-and-okcoin-halt-xrp-trading-amid-sec-lawsuit\">Coinbase and OKCoin<\/a>, <a href=\"https:\/\/forklog.com\/en\/news\/galaxy-digital-halts-support-for-ripple-token-amid-sec-lawsuit\">Galaxy Digital<\/a>, <a href=\"https:\/\/forklog.com\/en\/news\/grayscale-investments-to-liquidate-xrp-based-investment-trust\">Grayscale Investments<\/a> and <a href=\"https:\/\/forklog.com\/en\/news\/bitstamp-halts-xrp-trading-for-us-customers-as-token-price-resumes-decline\">Bitstamp<\/a>.<\/p>\n<p>Since the suit was filed, MoneyGram had taken a <a href=\"https:\/\/forklog.com\/en\/news\/moneygram-adopts-wait-and-see-stance-after-sec-suit-against-ripple\">wait-and-see stance<\/a>. In February 2021 the service <a href=\"https:\/\/forklog.com\/en\/news\/moneygram-halts-cooperation-with-ripple-amid-sec-lawsuit\">declined to use<\/a> a product based on the XRP token, citing uncertainty regarding the Ripple case with U.S. authorities.<\/p>\n<p>Earlier, Rosen Law Firm lawyers filed a <a href=\"https:\/\/forklog.com\/en\/news\/class-action-filed-against-moneygram-over-ripple-partnership-claims\">class action<\/a> against MoneyGram. They argued that the company did not warn about the possible classification of the XRP token as a security and the potential loss of revenue from commissions.<\/p>\n<p>Subscribe to ForkLog news on <a href=\"https:\/\/www.facebook.com\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">Facebook<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ripple terminated its cooperation with MoneyGram, according to Brad Garlinghouse, the CEO of the California-based company.<\/p>\n","protected":false},"author":1,"featured_media":38549,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1855,112,26],"class_list":["post-38548","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-moneygram","tag-ripple","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"26","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/38548","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=38548"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/38548\/revisions"}],"predecessor-version":[{"id":38550,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/38548\/revisions\/38550"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/38549"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=38548"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=38548"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=38548"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}