The Daily Hodl
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • 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 Post
    • Press Release
    • Sponsored Post
    • Advertise
  • 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 Guest Post
  • 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 Post
    • Press Release
    • Sponsored Post
    • Advertise
  • 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.

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

Check Price Action

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

  • Bunzz Raises $4.5 Million Seed Round To Expand Its Smart Contract Hub for DApp Development
    January 24, 2023
  • Dogecoin and Shiba Inu Better Watch Out – Floki Just Had Three Big Things Happen for It
    January 24, 2023
  • Crypto Marketing – What Initiatives Will Bring More Value and Users in 2023
    January 23, 2023
  • Make Crypto Payments on BChat Web 3.0 Messenger – BChat Integrates Beldex Wallet
    January 22, 2023
  • KEY3.id Supports Multi-Chain Transaction, Partnership With KuCoin Wallet, CoinHub Wallet and Wallet3 To Launch 2023 Lucky Transaction Campaign With Over 30,000 Participants on Social
    January 20, 2023
  • Deposit EUR/GBP at Zero Percent Fees With Newly Launched SEPA/FPS Channels on Bitget
    January 19, 2023
  • Coinbase Lists Kava, Advancing Ethereum–Cosmos Interoperability
    January 18, 2023
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$23,140.20
$23,140.20
0.56%
Ethereum
$1,600.93
$1,600.93
0.04%
Cardano
$0.383718
$0.383718
1.04%
XRP
$0.411603
$0.411603
0.01%
Dogecoin
$0.087168
$0.087168
1.25%

Spotlight

  • US Government Seizes Nearly $700,000,000 Worth of Sam Bankman-Fried’s Assets As Fraud Investigation Intensifies
    January 22, 2023
  • Top Trader Reveals Price Targets for Ethereum, XRP and Aptos, Updates Stance on One Additional Altcoin
    January 25, 2023
  • Whales Move Over $363,000,000 in Bitcoin (BTC) and XRP in Several Transactions – Here’s Where the Crypto’s Going
    January 20, 2023
  • Crypto Exchange Coinbase Secures Big Sponsorship With Iconic German Soccer Team: Report
    January 23, 2023
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

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 | ADVERTISE

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2023 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 Guest Post
  • 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 Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX

© 2023 The Daily Hodl