The Capital
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The Capital

MoneyGram Distances Itself From Ripple And XRP: “We Don’t Use RippleNet”

Just last year Ripple announced that it had partnered with international payment processor MoneyGram. But after last week’s developments, MoneyGram makes a striking statement, in a press release, the payment processor declares that it never used Ripple’s On-Demand Liquidity and RippleNet.

MoneyGram not dependent on Ripple

“As a reminder, MoneyGram does not use the ODL platform or RippleNet for direct transfers of consumer funds — digital or non-digital. Moreover, MoneyGram is not involved in the SEC’s ruling.”

MoneyGram use other services, and is not dependent on Ripple’s services, according to the press release. And that’s remarkable, because last year Ripple announced partnership with MoneyGram. At the time, MoneyGram was believed to be using Ripple services to help MoneyGram with international transactions.

Part of the partnership was Ripple invested up to $50 million in shares of MoneyGram. According to Cointelegraph, 15 million of these shares have now been sold by Ripple. The U.S. Securities and Exchange Commission is suing Ripple as a security and for allegedly paying money to exchanges to allow XRP trading and conducting ICO against SEC rules.

Some crypto companies are now removing XRP for fear of being sued by the SEC. Yesterday it was announced that the crypto exchanges OSL, Beaxy and CrossTower have removed XRP from their platform or stopped XRP trading. In addition, crypto company Bitwise and Bitstamp has removed XRP from their index.

The lawsuit against Ripple is heavily reflected on XRP price. XRP has fallen by more than 60 percent. However there is decent bounce in XRP price in last 24 hours, let see Ripple can hold that bounce or it can turn out to be dead cat bounce before further price drop.

Originally published at https://thecryptobasic.com on December 26, 2020.

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