XRP Jumps as Ripple’s Partnership With MoneyGram Ends
XRP moved higher after US-based blockchain company Ripple announced that its partnership with the American money transfer firm MoneyGram has ended for now.
At the time of writing (05:24 UTC), XRP, ranked 7th by market capitalization, trades at USD 0.483 and is up by almost 4% in a day and 8% in a week.
“Together, Ripple and MoneyGram have made the decision to end our current partnership agreement,” the blockchain company said, without elaborating on the reasons behind this decision and without mentioning its stake in MoneyGram. However, per the announcement, both companies are “committed to revisiting our relationship in the future.”
In February, MoneyGram said its support for Ripple is still in place, despite an announcement that it will suspend the receipt of “market development fees.”
“While the lack of a crypto [regulation] framework has needlessly muddied the waters for US businesses & consumers, there’s no denying what Ripple and [MoneyGram] have achieved together. Billions of dollars have been sent and settled across borders through ODL [On Demand Liquidity] [with] XRP,” Brad Garlinghouse, CEO of Ripple, said.
Ripple began paying MoneyGram the fees as part of an agreement to use Ripple’s under-fire XRP token in international settlement deals.
As reported, MoneyGram is facing a class-action lawsuit claiming that the company made false and/or misleading statements about its partnership with Ripple and the legal status of the XRP token.