Distributed ledger company Ripple said on Monday that its partnership with money transfer company Moneygram was ending.
“Together, Ripple and MoneyGram have made the decision to terminate our current partnership agreement,” Ripple said in a blog post on the matter.
Brad Garlinghouse, CEO, said in a tweet accompanied by the announcement:
“Although the lack of a crypto-legal framework has unnecessarily frustrated the waters for American businesses and consumers, it cannot be denied what Ripple and MGI have achieved together. Billions of dollars have been sent and settled by ODL with XRP across borders . “
Ripple also noted in its statement that both companies are “committed to revisiting our relationship in the future.”
The partnership between Ripple and Moneygram dates back to June 2019. As reported at the time, Moneygram has agreed to use the digital asset XRP as part of its foreign exchange settlement process, with Ripple taking an equity position in the company. As part of the agreement, Moneygram received financial incentives in the form of XRP (however, Moneygram did not own the XRP, as disclosed in the public documentation).
Moneygram suspended use of Ripple’s platform last month, as The Block reported earlier, in light of Ripple’s ongoing legal battle with the US Securities and Exchange Commission (SEC), which filed a lawsuit against Garlinghouse, co-founder Chris Larsen and Ripple has. December.
Since December, Ripple has filed its formal response to the SEC complaint. Both Garlinghouse and Larsen decided to dismiss the charges against them.
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