MoneyGram Releases Statement Distancing Itself From Ripple in Wake of SEC Probe

The news of the U.S. Securities and Exchange Commission (SEC) coming after Ripple continues to have negative consequences for the blockchain outfit MoneyGram distances itself from the company.
International remittance outfit MoneyGram published a press release on Wednesday (Dec. 23, 2020) addressing the nature of its collaboration with Ripple in the wake of the news of the SEC instituting a lawsuit against the blockchain firm. According to the press statement, MoneyGram does not deploy Ripple’s counterparty platform for international payments.

An excerpt from the press release reads:

“MoneyGram has had a commercial agreement with Ripple since June 2019; this agreement represents the use of Ripple’s foreign exchange (FX) blockchain trading platform (ODL) for the purchase or sale of four currencies. MoneyGram has continued to utilize its other traditional FX trading counterparties throughout the term of the agreement with Ripple, and is not dependent on the Ripple platform to accomplish its FX trading needs.”

As previously reported by BTCManager, Ripple partnered with MoneyGram for cross-border payments back in June 2019. Indeed, the blockchain firm also completed another equity investment in MoneyGram in November 2019. However, a year later, Ripple announced the sale of part of its stake in the payment processor.
According to the press release, MoneyGram reminded the general public that it does not utilize the Ripple ODL and that it is not a part of the SEC action.

source: https://btcmanager.com/moneygram-ripple-sec-probe/

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