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The money transfer company said it did not plan to “take advantage of Ripple market development fees” in the first quarter. In the first quarter of last year, MoneyGram deposited $ 12 million in such fees
MoneyGram is stepping down from its partnership with Ripple Labs, citing the legal uncertainty surrounding the blockchain startup’s XRP token
The money transfer company said Monday it was planning “no benefit from Ripple market development fees in the first quarter of 2021,” a pause from the first quarter of last year when MoneyGram transferred $ 12 million in such fees
Ripple has been paying MoneyGram for the use of the XRP token in international billing since 2019 and first signed a pilot agreement with the service in 2018.Since then, MoneyGram has earned $ 615 million in “market development fees” from Ripple
These payments now appear to be on hold at least until the legal rift between Ripple Labs and the US Securities and Exchange Commission clears SEC prosecutors claim XRP is an unregistered security that violates US Investment Act, a claim Ripple Labs has vowed to fight
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