Share this article
Ripple, MoneyGram to 'Wind Down' Partnership
This ends an agreement the two companies had put on hold in February.
Updated Sep 14, 2021, 12:23 p.m. Published Mar 8, 2021, 9:35 p.m.
Make us preferred on Google
Ripple Labs said it and MoneyGram have decided to wind down their partnership agreement.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
- 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
More For You
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
More For You
Number of wallets with 1 million XRP is rising again
On-chain data points to underlying demand for XRP as ETFs pull in over $90 million.
What to know:
- XRP has fallen about 4 percent so far this month, even as on-chain data point to strengthening underlying investor interest.
- U.S.-listed spot XRP ETFs have attracted a net $91.72 million in inflows this month, bucking the trend of sustained outflows from bitcoin ETFs.
Top Stories
