(Reuters) – Blockchain payment firm Ripple said on Monday it will end its partnership with money transfer services company MoneyGram International Inc.
Ripple did not specify the reason behind its decision to terminate the agreement, but Chief Executive Officer Brad Garlinghouse said in a Twitter post https://twitter.com/bgarlinghouse/status/1369034531865563150 the company and MoneyGram were committed to revisiting the partnership in future.
MoneyGram did not immediately respond to a Reuters request for comment.
Ripple bought a $30 million stake in MoneyGram in 2019, with the partnership initially set for two years. The deal allowed MoneyGram to use Ripple’s product for cross-border payment and foreign exchange settlement. (https://reut.rs/3emIgNk)
In December, the U.S. Securities and Exchange Commission charged Ripple, associated with cryptocurrency XRP, with conducting a $1.3 billion unregistered securities offering.
(Reporting by Sohini Podder in Bengaluru; Editing by Shinjini Ganguli)