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Ripple XRP and MoneyGram Partnership Ends, MoneyGram Faces Lawsuit

Jamie West by Jamie West
March 3, 2021
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Ripple and MoneyGram’s partnership was put to a halt last week as the money transfer giant announced that it would stop using the cryptocurrency for its cross-border transfers until the lawsuit filed by the SEC against Ripple concludes. A few days after the announcement, MoneyGram was sued for allegedly misleading its investors about XRP, which is used in its money transfer transactions for some time.

On Tuesday, the Rosen Law Firm released an announcement that it filed a class-action lawsuit against MoneyGram on behalf of investors who bought MoneyGram securities from June 17, 2019, to February 22, 2021. The law firm believes that eh investors are entitled to compensations after the money transfer giant canceled its partnership with Ripple because of its legal woes against the US SEC.

Caption: MoneyGram will no longer use Ripple XRP for its transactions

Caption: MoneyGram will no longer use Ripple XRP for its transactions

The lawsuit filed by the SEC alleges that Ripple’s sale of its native cryptocurrency XRP was an ongoing $1.3 billion sale of an unregistered security. The case is still in the pretrial discovery phase, and a conclusive result may take a long time to materialize. 

The Rosen Law Firm alleges that MoneyGram made false and misleading statements that failed to disclose that the XRP, the crypto coin is used as part of its partnership with Ripple, was viewed by the US SEC as an unregistered security, therefore unlawful. 

Suppose the US SEC enforces securities laws against Ripple and the XRP. In that case, MoneyGram will lose a profitable stream of market development fees critical for its financial success throughout the period as mentioned earlier. As a result, Rosen says that MoneyGram’s public statements were ultimately false and misleading at all relevant times, and when the truth came out, the investors suffered damages. 

Ripple and MoneyGram’s partnership was based on the money transfer giant using XRP for its settlement services since 2019. MoneyGram earned $61.5 through these market development fees since they initiated the partnership.

jamie xrp news | XRP & Ripple News
Jamie West
Tags: cryptocurrency newsripple news todayRipple pricexrp news predictionxrp news todayXRP price
Jamie West

Jamie West

Jamie is an XRP veteran & keeps his finger on the pulse when it comes to all things crypto.

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XRP News – Keeping You Up To Date With All Things XRP & Ripple

In the rapidly evolving world of digital finance, XRP stands out as a pioneering force, reshaping the landscape of cryptocurrency and blockchain technology. As a core product of Ripple Labs, XRP is not just a digital currency; it’s a breakthrough in how we perceive and engage with global financial transactions. This article delves into the essence of XRP, exploring its distinctive features and the reasons behind its growing popularity.

Unmatched Transaction Speed

One of the most compelling attributes of XRP is its unparalleled transaction speed. In a world where traditional banking can take days to process cross-border payments, XRP offers a stark contrast with its ability to settle transactions in mere seconds. This efficiency is a game-changer for both individuals and businesses, ensuring that funds are transferred quickly and seamlessly around the globe.

Low Transaction Costs

Another significant advantage of XRP is its incredibly low transaction fees. Compared to other major cryptocurrencies and traditional banking methods, XRP stands out for its cost-effectiveness. This feature makes it an attractive option for micropayments and regular international transfers, offering a more affordable solution for everyday transactions.

Scalability and Sustainability

Scalability is a critical factor in the cryptocurrency world, and XRP excels in this aspect. Designed to handle a large volume of transactions without compromising speed or cost, XRP is well-equipped to meet the demands of a growing digital economy. Additionally, its consensus protocol is less energy-intensive than the traditional proof-of-work used by many cryptocurrencies, making XRP a more environmentally sustainable choice.

Broadening Financial Access

XRP is not just a tool for efficient transactions; it’s a catalyst for financial inclusion. By simplifying and reducing the cost of cross-border payments, XRP has the potential to open up global markets to individuals and businesses who previously found these transactions prohibitively expensive or complex. This democratization of financial services is a cornerstone of XRP’s vision.

The Ripple Effect

Ripple Labs, the company behind XRP, is continually expanding its partnerships with financial institutions worldwide. These collaborations are not only a testament to the reliability and practicality of XRP but also a driver for its adoption in mainstream finance. As more banks and payment providers integrate XRP into their systems, its impact and relevance continue to grow.

A Community of Innovators

The XRP community is a vibrant and dynamic force, comprising developers, entrepreneurs, and enthusiasts. This community is at the forefront of exploring new use cases for XRP, pushing the boundaries of what’s possible in the realms of digital payments and blockchain technology.

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