Ripple ends partnership with MoneyGram

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Ripple has officially announced the end of its partnership with money transfer service MoneyGram.

"Ripple and MoneyGram have jointly decided to end our current partnership agreement," Ripple wrote on its blog.
Ripple CEO Brad Garlinghouse commented on the latest developments this way:

"While the lack of a legal framework for regulating cryptocurrencies unnecessarily confuses businesses and consumers in the U.S., the joint achievements of Ripple and MGI remain undeniable. Billions of dollars have been sent across borders using XRP."
Ripple notes that they intend to consider a renewed partnership in the future.

Ripple and MoneyGram began working together in June 2019. MoneyGram then agreed to use XRP in the settlement of foreign currency transactions, and Ripple acquired a stake in the service. MoneyGram, for its part, also received compensation in XRP, which it immediately liquidated. MoneyGram announced in February that it was ending its use of the Ripple platform after the latter was sued by the U.S. Securities and Exchange Commission (SEC).

Shares of MoneyGram (NASDAQ: MGI) were down 7 percent after markets closed on the announcement. XRP is down about a percent and a half.
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