MoneyGram Announces Suspension of Trading on Ripple’s Network
- The company announced the suspension of on-demand liquidity activities due to the SEC’s lawsuit against Ripple.
MoneyGram, a Texas-based financial services firm, announced that it has suspended trading activities on the platform of Ripple. MoneyGram mentioned that it has suspended on-demand Liquidity Liquidity The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent Read this Term (ODL) activities with Ripple due to regulatory uncertainty caused by the SEC’s lawsuit against Ripple labs.
According to the quarterly outlook published by MoneyGram, the company realized a net expense benefit of more than $12 million from Ripple market development fees in the first quarter of 2020.
“MoneyGram is not planning for any benefit from Ripple market development fees in the first quarter. Due to the uncertainty concerning their ongoing litigation with the SEC, the Company has suspended trading on Ripple's platform. In the first quarter of 2020, the Company realized a net expense benefit of $12.1 million from Ripple market development fees,” the official announcement states.
Ripple and MoneyGram entered into a strategic partnership in June 2019. The San Francisco-based Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term company also made an initial investment of $30 million in MoneyGram equity.
Ripple’s Response
Ripple immediately responded to the latest announcement by MoneyGram and mentioned that the strategic partnership between the two companies is not limited to the use of on-demand liquidity. Moreover, the company highlighted that some US-based market participants are reacting conservatively due to the uncertainty caused by the SEC’s lawsuit.
“We signed a multi-year contract in 2019 with MoneyGram, which is still in place and is not limited to their use of ODL. Together we are actively leveraging and exploring alternative use cases. We look forward to finding a path forward with MoneyGram and have confidence that there will be more regulatory clarity in the U.S. for the use of digital assets and blockchain technology at the end of this lawsuit both of which MoneyGram has commented on publicly in the past about the benefits they have witnessed firsthand for their business,” Ripple mentioned in the official announcement.
XRP is currently trading above $0.40 with a total market cap of more than $19 billion.
MoneyGram, a Texas-based financial services firm, announced that it has suspended trading activities on the platform of Ripple. MoneyGram mentioned that it has suspended on-demand Liquidity Liquidity The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent Read this Term (ODL) activities with Ripple due to regulatory uncertainty caused by the SEC’s lawsuit against Ripple labs.
According to the quarterly outlook published by MoneyGram, the company realized a net expense benefit of more than $12 million from Ripple market development fees in the first quarter of 2020.
“MoneyGram is not planning for any benefit from Ripple market development fees in the first quarter. Due to the uncertainty concerning their ongoing litigation with the SEC, the Company has suspended trading on Ripple's platform. In the first quarter of 2020, the Company realized a net expense benefit of $12.1 million from Ripple market development fees,” the official announcement states.
Ripple and MoneyGram entered into a strategic partnership in June 2019. The San Francisco-based Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term company also made an initial investment of $30 million in MoneyGram equity.
Ripple’s Response
Ripple immediately responded to the latest announcement by MoneyGram and mentioned that the strategic partnership between the two companies is not limited to the use of on-demand liquidity. Moreover, the company highlighted that some US-based market participants are reacting conservatively due to the uncertainty caused by the SEC’s lawsuit.
“We signed a multi-year contract in 2019 with MoneyGram, which is still in place and is not limited to their use of ODL. Together we are actively leveraging and exploring alternative use cases. We look forward to finding a path forward with MoneyGram and have confidence that there will be more regulatory clarity in the U.S. for the use of digital assets and blockchain technology at the end of this lawsuit both of which MoneyGram has commented on publicly in the past about the benefits they have witnessed firsthand for their business,” Ripple mentioned in the official announcement.
XRP is currently trading above $0.40 with a total market cap of more than $19 billion.