Binance will offer payment service through MoneyGram.
MoneyGram, one of the largest payment companies in the USA , recently ended its partnership with Ripple .
↪️MoneyGram Ends Ripple Partnership
This development after the securities lawsuit against Ripple shows that it is MoneyGram's decision to end the partnership. Although the payment giant received millions of dollars in incentive payments from Ripple, it did not want any more risks due to the uncertainty of the case and ended it.
Although Ripple initially emphasized that the partnership could continue, as of March 8, both sides agreed that it was completely over. After exactly this news, the news that MoneyGram will be supported directly on Binance came to the fore.
↪️P2P Service for Arab Countries
In the statement made by the Binance crypto currency exchange today, it was stated that MoneyGram is working with peer-to-peer cryptocurrency payments, especially to countries focused on the Arabian Peninsula. In the statement made by Binance, it was stated that they will work with CashU and MoneyGram to offer peer-to-peer trading services to Arab countries.
In this way, crypto money investors will be able to trade peer-to-peer. Also known as P2P, this method allows users to trade by communicating with each other. While one user wants to sell the BTC he has, the other wants to buy it directly from him. Binance's purchasing service here eliminates the withdrawal from the stock market.
↪️MoneyGram Seeks Additional Income
Binance, at the end of its statement, stated that it has no relationship with payment service providers such as MoneyGram or CashU and that this is only a payment gateway. It is remarkable that MoneyGram made such an initiative right after ending the Ripple partnership.
MoneyGram has earned approximately $ 35 million from the Ripple partnership that started in 2019. The fact that this appeals to a large part of the company's annual earnings shows that MoneyGram actually ended the partnership and turned out to be harmful. Nevertheless, MoneyGram, an institution that is large enough to partner with exchanges such as Binance for payment services, continues to work to generate new revenues. Binance partnership is put forward as one of the biggest proofs of this.