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Cryptocurrency company Ripple and money transfer company MoneyGram have ended their acclaimed partnership that commenced on June 17, 2019. A few weeks ago, MoneyGram already publicly distanced itself from Ripple thereby citing legal uncertainty surrounding XRP as the main reason.
Commenting on the decision, Ripple stated:
“Together, Ripple and MoneyGram have made the decision to end our current partnership agreement.
We are proud of the work we were able to accomplish in a short amount of time, as well as the impact we were able to achieve in bringing this first-of-its-kind product to market. Together, we processed billions of dollars through RippleNet and On-Demand Liquidity (ODL).”
Last month, MoneyGram suspended trading on Ripple’s platform following the Ripple US Securities and Exchange Commission lawsuit. Nonetheless, both parties were intent to resume their partnership since a multi-year contract still existed. The recent announcement that the contract and collaboration has now officially ended does not necessary rule out any future get-together.
“We are both committed to revisiting our relationship in the future. We still believe in the promise of digital assets and blockchain technology to change the status quo in global payments for the benefit of billions of consumers around the world,” Ripple’s statement reads.
Despite its efforts to resist being affected by Ripple’s crisis, just as Ripple, MoneyGram might have some tough months ahead.
Om March 1 a Class Action lawsuit was filed against Moneygram on behalf of a group of investors who purchased MoneyGram securities between June 17, 2019 and February 22, 2021. It is alleged that Moneygram made false statements regarding Ripple Labs and XRP based on the (familiar) SEC claim that that XRP is an unregistered and unlawful security.