{"id":140815,"date":"2020-12-24T11:48:56","date_gmt":"2020-12-24T08:48:56","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/moneygram-distances-itself-from-ripple-says-it-doesnt-utilize-ripplenet\/"},"modified":"2020-12-24T11:48:56","modified_gmt":"2020-12-24T08:48:56","slug":"moneygram-distances-itself-from-ripple-says-it-doesnt-utilize-ripplenet","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/moneygram-distances-itself-from-ripple-says-it-doesnt-utilize-ripplenet\/","title":{"rendered":"# MoneyGram distances itself from Ripple, says it doesn’t utilize RippleNet"},"content":{"rendered":"

“# MoneyGram distances itself from Ripple, says it doesn’t utilize RippleNet <\/strong>”<\/p>\n

Global money transfer service MoneyGram has clarified the nature of its collaboration with its blockchain partner Ripple following the latter\u2019s recent probe by the U.S. Securities and Exchange Commission.<\/p>\n

In a press statement<\/a> issued on Dec. 23, MoneyGram revealed that it has never utilized Ripple\u2019s counterparty services, namely On-Demand Liquidity (ODL) and RippleNet, for forex transactions.<\/p>\n

“As a reminder, MoneyGram does not utilize the ODL platform or RippleNet for direct transfers of consumer funds \u2013 digital or otherwise. Furthermore, MoneyGram is not a party to the SEC action.” <\/p>\n

The company added:\u00a0<\/p>\n

“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.”<\/p><\/blockquote>\n

Back in June 2019, Ripple and MoneyGram entered into a strategic partnership for cross-border payments. As part of the collaboration, Ripple was to invest up to $50 million in exchange for MoneyGram stock.<\/p>\n

In February, MoneyGram also revealed an additional $11.3 million investment from Ripple. However, as previously reported by Cointelegraph, Ripple has sold about $15 million of its stake in MoneyGram.<\/p>\n

MoneyGram\u2019s revelation of not being dependent on Ripple\u2019s services falls in line with previous events. Earlier in the year, the money transfer giant debuted a real-time remittance service based on Visa and not its blockchain partner. <\/p>\n

Another Ripple collaborator Intermex also revealed back in March that it wasn\u2019t using the company\u2019s platform for remittance in its \u201ccore market.\u201d<\/p>\n

MoneyGram\u2019s statement is the latest in a series<\/a> of actions taken by companies with relation to either Ripple or XRP. On Wednesday, investment fund Bitwise Asset Management liquidated its XRP holdings.<\/p>\n

XRP\/USD daily candle chart (Coinbase). Source: Tradingview<\/em><\/figcaption><\/figure>\n

Several crypto exchanges have also started to\u00a0delist the XRP token with Coinbase reportedly<\/a> considering its options. The fallout from the SEC lawsuit has also exerted negative pressure on the XRP price action, shedding over 30% on Wednesday.<\/p>\n