MoneyGram denies using RippleNet, distances itself from the battered crypto

Following Ripple Inc.’s latest saga with the U.S. SEC, global money transfer service MoneyGram has stepped forward to clarify its relationship with the former.

In a press statement released on December 23, MoneyGram affirmed that it had never used Ripple’s counterparty services for forex transactions. The company said:

As a reminder, MoneyGram does not utilize the ODL platform or RippleNet for direct transfers of consumer funds – digital or otherwise. Furthermore, MoneyGram is not a party to the SEC action […]MoneyGram has continued to utilize its other traditional FX trading counterparties throughout the term of the agreement with Ripple, and is not dependent on the Ripple platform to accomplish its FX trading needs.

Both companies had entered into a strategic partnership for cross-border payments in June 2019. As part of the partnership, Ripple was to invest around $50 million in exchange for MoneyGram stock.

MoneyGram is not the only company distancing itself from Ripple. Yesterday, investment fund Bitwise Asset Management liquidated its XRP holdings after news of the SEC’s lawsuit went viral. Several exchanges have also started to suspend XRP trading or delist the digital asset entirely.

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72nd Reason For National Bitcoin Reserve: Crypto-Based Scholarships Modernize Education Funding

72nd Reason For National Bitcoin Reserve: Crypto-Based Scholarships Modernize Education Funding

Educational institutions worldwide are beginning to allocate scholarships and grants in Bitcoin, revealing practical applications beyond traditional reserve assets. Such programs reduce transaction costs compared to fiat-based international scholarships, provide enhanced accountability through blockchain verification, and help students develop digital finance skills. National Bitcoin reserves could supply the necessary cryptocurrency

By Albert Morgan