Blockchain payment company Ripple terminates cooperating with MoneyGram
Ripple, a blockchain payment company, focuses on blockchain-based online transactions and has previously provided cross-border payment and settlement for some banks and non-bank institutions.
Blockchain technology itself does help to speed up cross-border payment settlement and use its non-hamper ability to improve security, so Ripple has indeed been sought after before.
For example, the cryptocurrency Ripple issued by it is favored by many investors, but the US Securities and Exchange Commission has previously determined that Ripple is illegally issued.
This directly led to the termination of most of the cooperation between Ripple and other customers. At the same time, the cryptocurrency Ripple was continuously delisted by the exchange and the price continued to plummet.
Today, we’re announcing that Ripple and MGI have together decided to wind down our current partnership agreement, and are both committed to revisiting it in the future. See our full statement: 1/2 https://t.co/KGOzPWuThR
— Brad Garlinghouse (@bgarlinghouse) March 8, 2021
MoneyGram is one of the world’s most well-known cross-border payment and settlement institutions. The company provides very convenient cross-border payment and settlement for many top customers around the world.
Ripple has spent huge sums of money to acquire part of MoneyGram’s shares, allowing MoneyGram to make payments and settlements through the blockchain developed by Ripple to increase transaction speed.
Of course, there are reasons why Ripple spent money to let MoneyGram use its own products. When MoneyGram entered the Ripple blockchain, the price of Ripple soared and the market value of Ripple was ranked third.
Ripple’s executives took the opportunity to cash in, and the US Securities and Exchange Commission took action to determine their actions as illegal when Ripple’s executives made a lot of money.
This also causes MoneyGram to directly terminates its cooperation with Ripple, and then MoneyGram will no longer use Ripple blockchain technology for cross-border payments.
