Brad Garlinghouse expressed, today, we’re announcing that Ripple and MGI have together decided to wind down our current partnership agreement, and are both committed to revisiting it in the future. See our full statement: Further made a reference to their full Statement on Partnering with Money Gram.

Further stated, while the lack of a crypto regulatory framework has needlessly muddied the waters for U.S. businesses & consumers, there’s no denying what Ripple and MGI have achieved together. Billions of dollars have been sent and settled across borders through ODL w/ XRP.

Some criticisms to this announcement read:  Money Gram is being sued because of XRP and SEC makes sense why they publicly announce this.

Some others stated, not a smart move on MGI part shareholders would like to know why they lost 23% in stock value for no good reason. A mere lawsuit being filed (and a baseless one at that) is meaningless. And, that MGI had zero exposure just like any exchange, they did nothing wrong in using XRP.

However, optimists stated, but it’s just the start of the damages the SEC are causing to the XRP ecosystem. Thankfully MGI isn’t the golden goose. Ripple’s ties to central banks has only deepened this year. So their long-term goal still seems to be moving forward.

Previously, Asheesh Birla however, stated, we anticipate a path forward to resume ODL w/ MGI. Regardless, we have 2 dozen+ other ODL customers in various stages of production in and outside the US (new customers TBA soon). Everyone take a deep breath!

Worthy to recollect, Asheesh’s statements:  In 2019 we signed a *multi-year* deal with MGI, still fully in place. They’ve temporarily suspended using ODL — for obvious reasons – regulatory uncertainty at this time. As a public company headquartered in the US, they have to err on the conservative side.

He also pointed to how:  CEO Walex Holmes, stated, “We’re pausing those activities just more for [an] abundance of caution than with any other concerns about it. We’ve had a great relationship with Ripple and it’d be great to continue to partner with them.”

Someone too worried about price commented: Billions of dollars have went thru X-Rapid and used XRP, but the price of XRP didn’t move because we know XRP is a stable coin and will stay under a $1 to help keep interoperability transactions between CBDC’s on your private ledger cheap with XRP.