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. Securities and Exchange Commission (SEC). Last year, the company earned $50.2 million from Ripple for using the platform.
Moneygram Stops Using Ripple’s Platform
Moneygram International announced Monday that it has suspended trading on Ripple’s platform. The announcement came as part of the company’s earnings report for the fourth quarter and full year 2020. For the year 2020, Moneygram recorded total revenue of $1,217 million; its money transfer revenue was $1,105 million.
As part of its first quarter 2021 outlook detailed in the report, Moneygram wrote that it “is not planning for any benefit from Ripple market development fees in the first quarter,” adding:
Due to the uncertainty concerning their ongoing litigation with the SEC, the company has suspended trading on Ripple’s platform.
How Much Ripple Is Paying Moneygram
Moneygram has had a commercial agreement with Ripple