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01 March 2021

Moneygram Halts Using Ripple Due to SEC Lawsuit Over XRP Cryptocurrency – Regulation Bitcoin News

Moneygram Halts Using Ripple Due to SEC Lawsuit Over XRP Cryptocurrency – Regulation Bitcoin News


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Moneygram has announced that it has suspended using Ripple’s platform due to the lawsuit against Ripple Labs and its executives by the U.S.

Last year, the company earned $50.2 million from Ripple for using the platform.

In its earnings release Monday, Moneygram revealed that “In the first quarter of 2020, the company realized a net expense benefit of $12.1 million from Ripple market development fees.” In the fourth quarter, it generated “$8.5 million net benefit from Ripple market development fees of $9.2 million, partially offset by related transaction and trading expenses of $0.7 million.”.

Meanwhile, its financial statements for the year 2020 and 2019 include Ripple market development fees of $50.2 million and $11.3 million, respectively.

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