Saturday, April 10, 2021

MoneyGram Joins List of Binance P2P Payment Methods after Ending Partnership with Ripple

Binance P2P, the peer-to-peer (P2P) platform of Binance exchange, has announced the addition of MoneyGram and CashU to the list of available payment methods for buying and selling cryptocurrencies in Arab countries.

The new development was shared with the Binancians via the official Twitter handle and website of the exchange. According to the report, this enables users to trade digital currencies and receive or send money via MoneyGram and CashU e-wallets.

Read Also: Ripple Slammed With another Lawsuit over Securities Violation

Binance tweeted, “P2P Supports New Payment Methods for Arab Countries.”

Additionally, the exchange pointed out that users can leverage the newly listed payment methods via the peer-to-peer (P2P) Page > Profile > Add Payment Methods.

Binance noted:

“These e-payment methods are supported as options of fiat transactions between users, and Binance does not establish any business relationships with these payment service providers.”

Read Also: MoneyGram Clarifies Its Relationship With Ripple’s XRP-Powered ODL and RippleNet

Strategic Partnership between Ripple and MoneyGram Ends Abruptly

It’s worthy of note that this is happening after the strategic partnership between Ripple, the US-based cross-border payment firm that oversees the distribution of XRP, and the money transfer giant MoneyGram came to an end abruptly.

Ripple and MoneyGram sealed the partnership sometime in June 2019. Through the deal, Ripple became MoneyGram’s key partner for cross-border payment and foreign exchange settlement using digital assets such as XRP. But MoneyGram suspended the partnership indefinitely in late-February, citing the ongoing securities lawsuit between the payment firm and the United States Securities and Exchange Commission (SEC).

The report reads in part as follows:

“In addition, the Company 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.”

Read Also: Binance to Give Away $100,000 in CHZ to Celebrate FC Barcelona Joining Chiliz. Learn How to Qualify

So, for Binance exchange to announce support for MoneyGram on its peer-to-peer (P2P) platform indicates that the money transfer giant is beginning to build a new relationship within the crypto industry.


Follow us on Twitter, Facebook, Telegram, and Download Our Android App

Tobi Loba
Tobi-Loba is a creative and an award-winning writer with over 5 million readers from all over the world. She has B.A in English and Literature from a reputable University and currently studying for her M.A in the same field. She recently became a contributor at Herald Sheets in order to satisfy her thirst in reporting crypto and blockchain occurrences, the interest she built over the years.

Related Articles

Latest Articles