Ripple and its big partner have decided to slow things down.
Ripple CEO Brad Garlinghouse stated that they slowed down their partnerships with Blockchain firm and MoneyGram International for a while. According to the statements made yesterday, both sides intend to reconsider the partnership when the uncertain environment improves. So the bridges are not completely burned down.
↪️Great Partnership Stopped
Stating that Ripple and MoneyGram International (MGI) have carried out billions of dollars of transactions through Ripple's RippleNet and On-Demand Liquidity (ODL) services, Garlinghouse said, “The lack of a crypto regulatory framework is the water for businesses and consumers in the US. While needlessly blurring, it's impossible to deny that Ripple and MGI have done it together. " He used his words.
In addition, Ripple's CEO accused US lawmakers of blurring the cryptocurrency industry by failing to establish clear regulatory guidelines. Garlinghouse has made these accusations over and over again.
Speaking to financial institution Axios on March 8, Gralinghouse expressed that he thinks the US government 's lawsuit against Ripple, XRP token and company executives will affect not only XRP , but the entire crypto industry. According to the CEO, due to uncertainties in the USA, many important companies are conducting their entrepreneurship activities outside of the country, not in the USA.
↪️Ripple and MoneyGram
The strategic partnership between the two companies was officially announced in June 2019, but MoneyGram has been using Ripple 's xRapid product as part of the cross-border payment process since early 2018 . The agreement between the two companies was supposed to expire in 2023.
However, MGI suspended its partnership with Ripple in late February after the US SEC filed a complaint against Ripple Labs in December 2020 for alleged securities breaches . The same month the payment firm stated that it is not using the ODL platform or RippleNet for direct transfers.