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.
Binance tweeted, “P2P Supports New Payment Methods for Arab Countries.”
— Binance (@binance) March 10, 2021
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.
“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.”
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.”
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.