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Former Ripple Partner MoneyGram Turns to Bitcoin

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Wed, 05/12/2021 - 13:28
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Alex Dovbnya
MoneyGram has moved to embrace Bitcoin after severing ties with Ripple
Former Ripple Partner MoneyGram Turns to Bitcoin
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MoneyGram's foray into crypto did not end with XRP.

The Dallas-headquartered money transfer company has announced a tie-up with crypto exchange Coinme to bring Bitcoin purchases and sales to thousands of brick-and-mortar stores across the U.S.

The partnership will make it much easier for holders of the largest cryptocurrency to cash out their gains.

Alex Holmes, the CEO of MoneyGram, says in a statement that the collaboration can help the company to capture a new customer segment:

This innovative partnership opens our business to an entirely new customer segment as we are the first to pioneer a crypto-to-cash model by building a bridge with Coinme to connect bitcoin to local fiat currency.

Related
Ripple Dumping All of Its MoneyGram Shares

Terminating the Ripple partnership

Back in June 2019, MoneyGram announced a major deal with Ripple, which was viewed as its big move into crypto and blockchain. It was using the XRP token in its foreign exchange settlements while receiving millions worth of financial incentives from the San Francisco-based company.

However, the partnership came to an end after Ripple and its executives were sued by the U.S. Securities and Exchange Commission over allegedly illegal XRP sales.

MoneyGram has itself faced a class-action lawsuit from investors who accuse it of making misleading statements about XRP.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.