MoneyGram

The legal turmoil affecting blockchain platform Ripple (XRP) has spilled over to MoneyGram, a major partner in the payment network. The payment processing giant has been slapped with a class-action lawsuit for its association with Ripple.  MoneyGram sued over Ripple lawsuits This latest development was reported by law firm Rosen in a recent statement. The class-action lawsuit, which was submitted yesterday, accuses MoneyGram of providing misleading information to investors. It also charges the payment firm for failing to educate investors regarding…

SEC filing disclosed that MoneyGram received cash incentives from Ripple amounting to $11.3 million that had wrongfully been reported as profits. However, Ripple’s CEO Brad Garlinghouse set things straight confirming that his company gives monetary incentives to its clients. SEC's Involvement Ripple invested in MoneyGram in June 2020 and has since been pumping huge sums of money into the venture. The revelation comes from a U.S Securities and Exchange Commission (SEC) filing on the 2nd of March 2020.  A recent…

The most recent release from MoneyGram is an instant payment service that uses the power of Visa's payments to transfer money. Although the platform has been using Ripple's XRP as a remittance network, MoneyGram does not include XRP in its new service.  The name of MoneyGram's new instant remittance platform is FastSend, and it allows its users to send money just by using the name and phone number of the recipient.  Moneygram is using Visa payments to facilitate fast transactions…