They did not specify the reason behind the decision to terminate the agreement, but Ripple Chief Executive Officer Brad Garlinghouse said in a Twitter post https://twitter.com/bgarlinghouse/status/1369034531865563150 that the companies were committed to revisiting the partnership in future.
Ripple bought a $30 million stake in MoneyGram in 2019, with the partnership initially set for two years. The deal allowed MoneyGram to use Ripple’s product for cross-border payment and foreign exchange settlement. (https://reut.rs/3emIgNk)
In December, the U.S. Securities and Exchange Commission charged Ripple, associated with cryptocurrency XRP, with conducting a $1.3 billion unregistered securities offering.
While bitcoin is considered a commodity by U.S. financial regulators, most other cryptocurrencies are yet to be classified as commodities or securities.
(Reporting by Sohini Podder in Bengaluru; Editing by Shinjini Ganguli)