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Ripple, MoneyGram to 'Wind Down' Partnership
This ends an agreement the two companies had put on hold in February.
Ripple Labs said it and MoneyGram have decided to wind down their partnership agreement.
STORY CONTINUES BELOW
- This ends an agreement the two companies had put on hold in February.
Today, we’re 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 https://t.co/KGOzPWuThR
— Brad Garlinghouse (@bgarlinghouse) March 8, 2021
- Under terms of the agreement that was put on hold and is now ending, Ripple had been paying MoneyGram to use the XRP token in international settlement since 2019 and first engaging in a pilot agreement with the service in 2018. Since then, MoneyGram had netted $61.5 million in “market development fees” from Ripple.
- Shares of MoneyGram dropped in after-hours trading, down 7%.
- The agreement was put on hold after U.S. Securities and Exchange Commission sued Ripple saying XRP is an unregistered security in violation of U.S. investments law. Ripple is fighting those assertions.
- Ripple said the two sides are "committed" to revisiting their relationship in the future.
This story is developing and will be updated.
Read more: MoneyGram Puts Relationship With Ripple’s XRP on Hold
Kevin Reynolds
Kevin Reynolds was the editor-in-chief at CoinDesk. Prior to joining the company in mid-2020, Reynolds spent 23 years at Bloomberg, where he won two CEO awards for moving the needle for the entire company and established himself as one of the world's leading experts in real-time financial news. In addition to having done almost every job in the newsroom, Reynolds built, scaled and ran products for every asset class, including First Word, a 250-person global news/analysis service for professional clients, as well as Bloomberg's Speed Desk and the training program that all Bloomberg News hires worldwide are required to take. He also turned around several other operations, including the company's flash headlines desk and was instrumental in the turnaround of Bloomberg's BGOV unit. He shares a patent for a content management system he helped design, is a Certified Scrum Master, and a veteran of the U.S. Marine Corps. He owns bitcoin, ether, polygon and solana.
