Ripple partner MoneyGram announces XRP lawsuit

MoneyGram, the money transfer company that has a partnership with Ripple, which has been accused by the SEC of selling unlicensed securities (XRP), released a statement about the case. The company has not yet had a negative reaction to the Ripple case, it was quoted as saying.

MoneyGram, which has a long-standing partnership with Ripple and has received positive returns from that partnership, said it had not seen any negative impact on its dealings with the company, which has been sued over the unlicensed sale of XRP. In a statement to CoinDesk, MoneyGram said: “We will be following developments.”it was learned that he used a phrase in the form of”. However, the company did not want to comment further on the matter.

The U.S. Securities and Exchange Commission (SEC) has sued Ripple for $ 1.3 billion, accusing the company of conducting an unlicensed XRP sale. After the announcement, the price of XRP fell to below $ 0.40.

About Ripple and MoneyGram partnership
Ripple and MoneyGram, which entered into a strategic partnership in June 2019, have maintained their agreement smoothly since then. MoneyGram announced that under the agreement, Ripple would use xRapid technology and receive payments of up to $ 50 million in return. MoneyGram, the world’s second largest money transfer platform after Western Union, has been using Ripple’S ODL technology in money transfer transactions since June 2019.

Ripple, which also owns 10% of MoneyGram, has announced it has decided to sell a third of MoneyGram’s shares later this year. It said transactions would be completed by March 2021, while Ripple would own a substantial share of MoneyGram. However, Ripple also invested $ 52 million in MoneyGram during the year to provide liquidity and support its ODL service.

Recently, both companies gave positive messages about their partnership, which has been going on for 18 months. In a statement on the matter, Ripple’s CEO said billions of dollars worth of XRP transactions had been made with MoneyGram and expressed satisfaction with the deal.

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