Tech News, Magazine & Review WordPress Theme 2017
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • Email Alerts
  • DAILY HODL MIX
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • Email Alerts
  • DAILY HODL MIX
No Result
View All Result
The Daily Hodl
No Result
View All Result

Payments Giant MoneyGram Pausing XRP-Powered Settlements, CEO Comments on Relationship With Ripple

by Daily Hodl Staff
February 23, 2021
in Ripple and XRP

Payments giant MoneyGram has suspended its use of XRP payments as Ripple deals with an ongoing lawsuit filed by the U.S. Securities and Exchange Commission (SEC).

MoneyGram chief executive Alex Holmes announced the move during a new conference call on the company’s fourth quarter and full-year 2020 financial results.

The SEC filed a lawsuit in late December asserting XRP is a security and alleging Ripple illegally sold large amounts of the crypto asset.

Holmes says MoneyGram is monitoring the SEC case and suspended its use of Ripple’s XRP-powered cross-border payments product, On-Demand Liquidity, out of “an abundance of caution.”

“I don’t think that we are saying that it’s a permanent decision. I think that will take some time to sort through and it’s just one of those interesting situations I think, which have presented itself and made it very difficult to continue on at this point in time.”

Prior to the lawsuit, MoneyGram had been using the crypto-based remittance products to move 10% of its total transaction volume between the US and Mexico.

Holmes adds that he doesn’t know whether XRP will be classified as a security or not. He says MoneyGram hopes to continue to partner with Ripple in the future.

“I mean, the SEC has their allegations, they have yet to be proven. And I think Ripple, as they have stated publicly, they believe they have strong arguments there, right. So that being said, we’ve had a great relationship with Ripple, and it would be great to continue to partner with them. I think, what they are trying to do is definitely unique. I think they have a good team over there, and they are definitely pushing for changing the payment landscape, which is extremely admirable and something that would be exciting to participate in.

But I’ve certainly had, along with everyone around this table, we’ve certainly had our share of challenges with government regulators in a number of countries around the world. And when that stuff happens, it’s not any fun. So we are definitely supportive of Ripple’s efforts, but at the same time, we have to do what’s right for the organization.”

In a statement, Ripple noted their multiyear deal with MoneyGram is still in place and isn’t limited to the use of the XRP-powered ODL product. The San Francisco payments start-up says they are “exploring alternative use cases” with MoneyGram.

We anticipate a path forward to resume ODL w/ MGI. Regardless, we have 2 dozen+ other ODL customers in various stages of production in and outside the US (new customers TBA soon). Everyone take a deep breath! 3/3 https://t.co/92Es0xh1ft

— Asheesh Birla (@ashgoblue) February 22, 2021

Ripple and MoneyGram entered into a partnership in June 2019 for foreign exchange settlements and cross-border payments.

As part of the deal, Ripple made a $50 million commitment to MoneyGram, which it completed in November 2019.

Check Price Action

Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

 
Check Latest News Headlines


 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/tunnelmotions

Submit a Press Release

Industry Announcements

  • Oracle Red Bull Racing To Unveil 2022 NFT Collection at the Monaco Grand Prix, Powered by Tezos and Bybit
    May 27, 2022
  • Ankr Partners With Pocket Network To Propel Web 3.0 Into a New Era of Truly Decentralized Infrastructure
    May 26, 2022
  • Kriptomat Makes Automated Trading Available to All
    May 24, 2022
  • Spritz Finance Raises $2.5 Million in Pre-Seed Funding
    May 24, 2022
  • Bored.Ai Opens Text2Art Minting for the First Time
    May 24, 2022
  • Nitro League Releases Updated Roadmap To Launch Its Racing Metaverse
    May 24, 2022
  • Crypto Derivative Traders Can Access TradingView With Broker Eightcap
    May 24, 2022
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$28,950.00
$28,950.00
0.99%
Ethereum
$1,771.79
$1,771.79
2.43%
Cardano
$0.459846
$0.459846
1.93%
XRP
$0.38193
$0.38193
0.27%
Dogecoin
$0.080888
$0.080888
0.84%

Spotlight

  • Is Bitcoin (BTC) a Currency? Sweden’s Central Bank Weighs In on the Largest Crypto Asset
    May 23, 2022
  • Crypto Analyst Predicts for Rallies for Binance Coin (BNB), Solana (SOL) and One Additional Ethereum (ETH) Rival
    May 25, 2022
  • Dogecoin (DOGE) Briefly Pumps After Elon Musk Says SpaceX Will Accept the Memecoin for Merch Payments
    May 28, 2022
  • Shark Tank Investor Kevin O’Leary Says ‘Nightmarish’ Crypto Correction Good for Industry – Here’s Why
    May 24, 2022

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX •
Futuremash •
Industry Announcements

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2022 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • Email Alerts
  • DAILY HODL MIX

© 2022 The Daily Hodl