MoneyGram Denies Usage of RippleNet for Business
Main page News, US Market, US, Ripple, SEC, Regulations

MoneyGram says it does not use Ripple's network of institutional payment-providers called RippleNet for direct transfers of consumer funds – digital or otherwise. In a press release, the American money transfer company emphasizes it is not dependent on the Ripple platform to accomplish its FX trading needs.

Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.

MoneyGram claims it decided to issue a statement in light of the recent lawsuit filed by the US Securities and Exchange Commission (SEC) against Ripple. As iHodl previously reported, the SEC filed a lawsuit against Ripple Inc., in which it accused the company of unregistered offering of securities. The SEC says Ripple undertook distribution of the XRP tokens without registering offers and sales of XRP with the SEC.

Ripple Considers Leaving US Over Excessive Regulation

Ripple's CEO Brad Garlinghouse already assured the company will stand up for all the crypto market and will not let the SEC "bully the entire industry."

In June 2019, MoneyGram announced a strategic partnership with Ripple Inc. With the partnership, MoneyGram said it will be able to utilize Ripple's xRapid product, leveraging XRP in foreign exchange settlement as part of its cross-border payment process. MoneyGram said back then that the partnership supports the companies' shared goal of improving the settlement of cross-border payments by increasing efficiency and reducing cost through RippleNet.

In November 2019, MoneyGram's Chief Executive Alex Holmes during the conference Swell 2019 said that the company was planning to implement On-Demand Liquidity (ODL) via RippleNet. Holmes added that MoneyGram was moving 10% of its transaction volume through ODL between the United States and Mexican borders.

Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.

Read also:
Please describe the error