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    Ripple terminates its multi-year partnership with MoneyGram TL;DR Breakdown: Ripple has terminated its partnership with MoneyGram Earlier this month, MoneyGram was sued for allegedly presenting false statements regarding its partnership with the blockchain company. The blockchain company behind XRP cryptocurrency, Ripple, has officially disclosed the termination of its multi-year partnership agreement with one of the big-name payment companies, MoneyGram. The development is coming some days after MoneyGram was sued for allegedly presenting misleading statements concerning its collaboration with the blockchain payment company. MoneyGram may no longer be using XRP payment services going forward. Meanwhile, the XRP cryptocurrency trades at $0.4793 (a 2.21 percent increase on a 24-hour count), according to Coinmarketcap. Ripple, MoneyGram officially terminates their partnership MoneyGram entered the multi-year partnership with the blockchain company in June 2019, which saw the company receiving an incentive from the XRP blockchain company for using its services, although MoneyGram stated last year that it "does not utilize the ODL platform or RippleNet for direct transfers of consumer funds – digital or otherwise." However, following the announcement on Monday, the partnership between both companies has been terminated. Both companies were still able to achieve a lot within these periods of partnership, per the announcement. "We are proud of the work we were able to accomplish in a short amount of time, as well as the impact we were able to achieve in bringing this first-of-its-kind product to market. Together, we processed billions of dollars through RippleNet and On-Demand Liquidity (ODL)," the announcement reads. What's behind the contract termination? The main reason behind the development today remains unknown. However, it's worth noting that MoneyGram had suspended trading on Ripple's platform last month, following the charges announced by the US Securities and Exchange Commission (SEC). Earlier this month, a class-action lawsuit was filed against MoneyGram for allegedly presenting misleading statements regarding its partnership with Ripple.

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    Ripple terminates its multi-year partnership with MoneyGram TL;DR Breakdown: Ripple has terminated its partnership with MoneyGram Earlier this month, MoneyGram was sued for allegedly presenting false statements regarding its partnership with the blockchain company. The blockchain company behind XRP cryptocurrency, Ripple, has officially disclosed the termination of its multi-year partnership agreement with one of the big-name payment companies, MoneyGram. The development is coming some days after MoneyGram was sued for allegedly presenting misleading statements concerning its collaboration with the blockchain payment company. MoneyGram may no longer be using XRP payment services going forward. Meanwhile, the XRP cryptocurrency trades at $0.4793 (a 2.21 percent increase on a 24-hour count), according to Coinmarketcap. Ripple, MoneyGram officially terminates their partnership MoneyGram entered the multi-year partnership with the blockchain company in June 2019, which saw the company receiving an incentive from the XRP blockchain company for using its services, although MoneyGram stated last year that it "does not utilize the ODL platform or RippleNet for direct transfers of consumer funds – digital or otherwise." However, following the announcement on Monday, the partnership between both companies has been terminated. Both companies were still able to achieve a lot within these periods of partnership, per the announcement. "We are proud of the work we were able to accomplish in a short amount of time, as well as the impact we were able to achieve in bringing this first-of-its-kind product to market. Together, we processed billions of dollars through RippleNet and On-Demand Liquidity (ODL)," the announcement reads. What's behind the contract termination? The main reason behind the development today remains unknown. However, it's worth noting that MoneyGram had suspended trading on Ripple's platform last month, following the charges announced by the US Securities and Exchange Commission (SEC). Earlier this month, a class-action lawsuit was filed against MoneyGram for allegedly presenting misleading statements regarding its partnership with Ripple.

    Ripple terminates its multi-year partnership with MoneyGram

    The Makings of a Star – WILC from ILCOIN Spearheading Liquidity Provision 2

    The Makings of a Star – WILC from ILCOIN Spearheading Liquidity Provision

    BTC/USD Price

    BTC/USD Price Prediction: BTC/USD historic uptrend fails to respond to 1.6% rising treasury bonds

    XRP/USD Price

    XRP/USD Price Prediction: Should bulls prepare for an XRP/USD ATH above $0.7000

    Bitcoin reclaims $1 trillion market cap as price surpasses $50,000

    Bitcoin reclaims $1 trillion market cap as price surpasses $50,000

    Ripple price analysis XRPUSD grinds towards $0.50 resistance

    Ripple price analysis: XRP/USD grinds towards $0.50 resistance

    Bitcoin price analysis Breakout to fresh highs imminent as BTCUSD crosses $51K

    Bitcoin price analysis: Breakout to fresh highs imminent as BTC/USD crosses $51K

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Digital Yuan won’t compete with AliPay and WeChat, PBOC official clarifies

Ibiam Wayas by Ibiam Wayas
October 26, 2020
in Industry News
2 min read
Chinese bank debuts digital yuan-supported ATMs
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  • Digital yuan will be compatible with AliPay and WeChat, but not as a competitor. 
  • However, the digital currency won’t be distributed via private mobile payment platforms.

As the Republic continues to trial and updates necessary factors to ensure the feasibility of the digital yuan, the central bank official recently clarified that the digital currency’s relationship with AliPay and WeChat. Many people had earlier speculated that the Chinese digital currency might affect the monetary transactions on these two payments platforms. However, it may not entirely be the case. 

Chinese CBDC will be compatible with AliPay and WeChat

During a summit in Shanghai on Sunday, the PBOC’s head of the research institute for digital currency, Mu Changchun, clarified that the long-planned digital yuan would not compete with the payment platform when it launches. AliPay and WeChat are China’s biggest digital payment platforms. They accounted for about 94 percent of all the digital payments in the country during the second quarter of this year.

Changchun explained that the digital currency and the two payment platforms don’t belong in the same dimension. “WeChat and Alipay are wallets, while the digital yuan is the money in the wallet,” he added. However, the Chinese digital currency is designed to be compatible with both platforms. Thus, users can equally choose to transfer and spend the digital currency from both platforms, according to a fintech consultant, Wang Leilei.

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Fake digital yuan wallets surface 

Leilei further mentioned that the Chinese digital currency would not be distributed via private mobile wallets. An official wallet application is being developed for the digital currency. She pointed out how the 50,000 persons that participated in the Shenzhen giveaway were asked to download a certain app to receive the digital currencies. So, after receiving the digital yuan, the holders can choose to spend it from the app or transfer to AliPay or WeChat.

Another issue raised about the digital currency wallet is counterfeiting. The Chinese bank official, Changchun, disclosed that a counterfeit digital wallet for China’s CBDC was recently discovered. He failed to provide additional information about the fake wallet.  

Tags: China CBDCDigital Currency
Ibiam Wayas

Ibiam Wayas

Ibiam is an optimistic crypto journalist. Five years from now, he sees himself establishing a unique crypto media outlet that will breach the gap between the crypto world and the general public. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.

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Ripple terminates its multi-year partnership with MoneyGram TL;DR Breakdown: Ripple has terminated its partnership with MoneyGram Earlier this month, MoneyGram was sued for allegedly presenting false statements regarding its partnership with the blockchain company. The blockchain company behind XRP cryptocurrency, Ripple, has officially disclosed the termination of its multi-year partnership agreement with one of the big-name payment companies, MoneyGram. The development is coming some days after MoneyGram was sued for allegedly presenting misleading statements concerning its collaboration with the blockchain payment company. MoneyGram may no longer be using XRP payment services going forward. Meanwhile, the XRP cryptocurrency trades at $0.4793 (a 2.21 percent increase on a 24-hour count), according to Coinmarketcap. Ripple, MoneyGram officially terminates their partnership MoneyGram entered the multi-year partnership with the blockchain company in June 2019, which saw the company receiving an incentive from the XRP blockchain company for using its services, although MoneyGram stated last year that it "does not utilize the ODL platform or RippleNet for direct transfers of consumer funds – digital or otherwise." However, following the announcement on Monday, the partnership between both companies has been terminated. Both companies were still able to achieve a lot within these periods of partnership, per the announcement. "We are proud of the work we were able to accomplish in a short amount of time, as well as the impact we were able to achieve in bringing this first-of-its-kind product to market. Together, we processed billions of dollars through RippleNet and On-Demand Liquidity (ODL)," the announcement reads. What's behind the contract termination? The main reason behind the development today remains unknown. However, it's worth noting that MoneyGram had suspended trading on Ripple's platform last month, following the charges announced by the US Securities and Exchange Commission (SEC). Earlier this month, a class-action lawsuit was filed against MoneyGram for allegedly presenting misleading statements regarding its partnership with Ripple.

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