Distributed accounting firm Ripple said on Monday that its partnership with money transfer company Moneygram is coming to an end.
“Together, Ripple and MoneyGram made the decision to end our current partnership agreement,” said Ripple in a blog post on the subject.
CEO Brad Garlinghouse said in a tweet accompanying the announcement:
“While the lack of a cryptographic framework has unnecessarily clouded the waters for US businesses and consumers, there is no denying what Ripple and MGI achieved together. Billions of dollars have been sent and settled across borders via XRP ODL. “
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 agreed to use the digital asset XRP as part of its exchange settlement process, with Ripple taking a shareholding position in the company. As part of the deal, Moneygram received financial incentives in the form of XRP (although, as disclosed in public documents, Moneygram did not own the XRP, but sold it after receipt).
Moneygram decided to suspend use of the Ripple platform last month, as The Block previously reported, in light of Ripple’s legal dispute with the United States Securities and Exchange Commission (SEC), which filed a lawsuit against Garlinghouse, the co-founder Chris Larsen and Ripple in December.
Since December, Ripple has submitted its formal response to the SEC’s complaint. Both Garlinghouse and Larsen have moved so that the charges against them are dismissed.
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