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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.
Ripple Labs said it and MoneyGram have decided to wind down their partnership agreement.
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- 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
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