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Ripple and MoneyGram to ‘wind down’ partnership

While the partnership between Ripple and MoneyGram has been officially terminated, the two firms have expressed they are open to resuming collaboration in the future.
Ripple CEO Brad Garlinghouse has issued a statement announcing the fintech firm and MoneyGram International have together decided to “wind down” their partnership.However, the March 8 statement noted that both companies are committed to revisiting some form of partnership together in the future.Garlinghouse noted that together, Ripple and MoneyGram International (MGI) processed billions of dollars through Ripple’s RippleNet and On-Demand Liquidity (ODL) services, stating:“While the lack of a crypto reg framework has needlessly muddied the waters for U.S. businesses & consumers, there’s no denying what Ripple and MGI have achieved together.”The Ripple CEO has repeatedly accused U.S. lawmakers of stifling the crypto sector by failing to establish clear regulatory guidelines. Speaking to financial outlet Axios on March 8, he asserted the U.S. government’s assertion that Ripple’s XRP token is a security has negative impacts for the crypto industry at large, stating:“That’s why I say this isn’t just bad for Ripple, it’s bad for crypto broadly here in the United States. And it’s driving that activity, it’s driving that entrepreneurial activity outside the United States.”The strategic partnership between the two firms was officially announced in June 2019, but MoneyGram had been utilizing Ripple’s xRapid product as part of its cross-border payments process since early 2018. The agreement between the two companies was due to expire in 2023.However, MGI …
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