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MarkRoberts
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MoneyGram was previously partnered by Stellar’s significant competitor Ripple

Sat Jul 31, 2021 12:25 pm

A Need for Replacement

MoneyGram was previously partnered by Stellar’s significant competitor Ripple but had to terminate their entanglements after the latter was taken to court late last year.

The United States Securities and Exchange Commission filed a lawsuit against Ripple in December, accusing the entity of selling XRP tokens.

Obviously, this case tarnished Ripple’s reputation and correlatively, this is bad publicity for its partners. Ironically though, Stellar was launched by one of Ripple’s co-founders Jed McCaleb once he left Ripple back in 2014 after falling out with other executives. Here’s a little tea of what went down.

McCaled was gifted 8 billion XRP tokens for his role in creating the OpenCoin company which has since been renamed Ripple Labs. When he showed interest in selling the XRP tokens, he was forced into a 7-year agreement with Ripple Labs that bars him from selling 1.5 percent of XRP’s daily volume per day.

Stellar and Ripple, despite sharing many similarities have been rivals for close to seven years now and should Stellar secure the partnership with MoneyGram, more bad blood.


https://mycryptoparadise.com/ripples-rival-stellar-eyes-moneygram/

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