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MoneyGram denies using RippleNet, distances itself from the battered crypto

John Williams

Dec 24, 2020 — 1 min read

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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