Another Blow To Ripple: MoneyGram Suspends Its Partnership With Ripple

Another Blow To Ripple: MoneyGram Suspends Its Partnership With Ripple

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Ripple, who is in his first hearing with the SEC today, is also taking a hit from his partners over the case. MoneyGram, a major money transfer company for Ripple to spread around the world, has suspended its partnership with Ripple until the lawsuit is settled.

US-based international money transfer company MoneyGram has announced it is suspending the use of the cryptocurrency after the US Securities Exchange Commission (SEC) filed a yet-to-be-completed lawsuit against Ripple. The company, which has suspended Ripple's use in money transfers until the case is concluded, said: "Due to uncertainty regarding ongoing litigation with the SEC, MoneyGram has suspended its trading on the Ripple platform., "he said.

The June July 2019 ripple - MoneyGram partnership was to run until July 2023. In December last year, when the SEC announced its lawsuit against Ripple, MoneyGram surprised investors by announcing its decision on the day of the preliminary hearing of the case.

Ripple provided support incentive to MoneyGram

MoneyGram's Ripple payment solution provided ease of cross-border payment using RippleNet. Ripple, which also offers incentives for MoneyGram to provide this payment system, has made serious investments such as $ 50.2 million in 2020 and $ 11.2 million in 2019.

The case is being asked to be dropped

Ripple, who has yet to comment on MoneyGram's decision, has now focused on his case with the SEC. In the case, which has its first hearing today, the ripple side argues that the case should be dropped.

We will continue to inform you as new developments take place in the litigation process. And how do you people think MoneyGram made this decision? Do you think it's right for this decision to come out today? You can share your thoughts with us in the comments section.

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