Prominent money transfer firm and long-running partner of Ripple, MoneyGram, has now seemingly given up on the exchange as well amidst its high-profile legal battle against the Securities and Exchange Commission (SEC).
As per MoneyGram, it no longer plans to benefit from Ripple’s market development fees this first quarter of the year. In retrospect, MoneyGram garnered over $12 million for the same fees about this time last year.
For the past three years of their working relationship, Ripple has been paying MoneyGram for it to utilize XRP as an international settlement token. MoneyGram amassed more than a collective total of $61 million in Ripple’s market development fees alone within that period. Then the SEC’s controversial lawsuit against Ripple came, driving a massive wedge over the growing partnership the two companies once had.
Now, with Ripple still amidst this whole legal turmoil, MoneyGram felt as if it had its hands behind its back – perhaps felt forced to step away from Ripple or suffer the consequences of being acquainted with it. This also echoes the decision of other crypto exchanges that have since suspended or delisted XRP altogether these past weeks.
Reports say that MoneyGram intends to keep the Ripple suspension as long as the legal rift between the exchange and the SEC withstands at the very least.