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Blockchain payments company Ripple will end its partnership with money transfer service company MoneyGram International Inc, the companies said on Monday.
They did not elaborate on the reason for the decision to terminate the deal, but Ripple CEO Brad Garlinghouse said in a Twitter post that the companies are committed to reviewing the partnership in the future.
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Ripple bought a $ 30 million stake in MoneyGram in 2019, with the partnership initially scheduled for two years. The deal allowed MoneyGram to use Ripple’s proceeds for cross-border payments and foreign exchange settlements.
In December, the U.S. Securities and Exchange Commission accused Ripple, associated with cryptocurrency XRP, of leading a $ 1.3 billion unregistered securities offering.
While bitcoin is considered a commodity by U.S. financial regulators, most other cryptocurrencies are not yet classified as commodities or securities.
MoneyGram, which ceased trading under its trade deal with Ripple in early December, said in a regulatory filing that it would not receive any market development fees in 2021.
This story was posted from an agency feed with no text editing.
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