ReportWire

Tag: ripple labs

  • Ripple Initiates Large XRP Transactions Post Legal Setback

    Ripple Initiates Large XRP Transactions Post Legal Setback

    [ad_1]

    Ripple Labs, a leading cryptocurrency payment firm, has been seen moving millions of XRP tokens following the United States Securities and Exchange Commission’s (SEC) recent victory in a legal dispute.

    Ripple Moves Millions Of XRP As Price Holds Steady

    According to a recent report, Ripple Labs moved a whopping 120 million XRP tokens valued at about $60.8 million. The move has caused quite a stir within the XRP community and heightened sell-off anxiety in the face of increased market volatility.

    This comes after the payment firm experienced a legal setback in court on Monday. The SEC’s motion to force Ripple to provide its financial statements for XRP was granted by the Southern US District Court of New York.

    It was reported by Bithomp that the aforementioned funds were transferred to a Ripple-related wallet that was used for massive transfers. Data from Bithomp revealed that the wallet address rBg2Fu…uJ4vt5x1o91m moved the funds to a separate wallet address rP4X2hTa7…XvPz7XZ63sKxv3. This indicates that the transaction might include the transfer of such large amounts using other wallets or companies under Ripple’s control.

    Furthermore, the transfer might just be connected to Ripple’s payment services. As a result, it will allow banks to utilize XRP to send funds across borders almost instantly and for a minimal cost. 

    It is noteworthy that the address that received the funds has transferred a notable portion of the XRP tokens. However, the address still contains about 90 million XRP valued at approximately $45 million.

    Bithomp also reported that the firm was seen moving about 53.75 million XRP tokens valued at about $27.5 million. Data from the on-chain platform shows that the wallet address rKveEy…ZsoGMb3PEv transferred the funds to another wallet address rPfSrrKY…R7g1tYzDDJoAys.

    The Payment Firm Brings XRP To The US Market

    Ripple has announced its plan to transform international payments in the US with XRP and its payment services. According to the firm, they will be introducing “new product updates that will cover the majority of US states.”

    These fresh products are going to be powered by its Money Transmitter Licenses (MTLs). Initially, Oliver Segovia, Senior Director and Head of Product Marketing for Payments at Ripple, shared the announcement on Linkedin. 

    Segovia explained that although Ripple’s global headquarters is located in the US, 90% of its businesses serve organizations outside. Specifically, he acknowledges that for the last three years, the firm has remained somewhat quiet in the US market.

    Despite these developments, XRP’s price has still been down by 5.42% in the past week, holding steady at $0.50. Interestingly, its trading volume has increased by over 25% in the past 24 hours.

    XRP trading at $0.5039 on the 1D chart | Source: XRPUSDT on Tradingview.com

    Featured image from iStock, chart by Tradingview.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

    [ad_2]

    Godspower Owie

    Source link

  • Swell News: Ripple Unveils XRP Product Rebrand, New Partners

    Swell News: Ripple Unveils XRP Product Rebrand, New Partners

    [ad_1]

    The Ripple Swell Conference 2023 has barely started and the first major news has already been released. The fintech company has announced the rebrand of its flagship product RippleNet and the expansion of its partnership with leading payments fintech Onafriq, previously MFS Africa.

    RippleNet Becomes Ripple Payments

    On the first day of the Swell conference, the company announced the transformation of its flagship product, RippleNet, now rebranded as Ripple Payments. This marks a significant shift in the fintech’s strategy to enhance blockchain-enabled cross-border payments and foster enterprise crypto adoption.

    In an official press release, the company highlighted key updates to its rebranded product. The expansion of Ripple’s global network now encompasses more than 70 crypto and traditional payout markets, signifying a broadened scope for enterprise-grade cross-border payment solutions. Furthermore, Ripple has fortified its regulatory compliance with over 30 licenses, including a MAS Major Payments Institution license and Money Transmitter Licenses across the US.

    Monica Long, President at Ripple, emphasized the importance of blockchain and digital currency applications in overcoming the financial industry’s challenges with antiquated technologies. Prior to her speech at the Swell conference, she said, “Crypto utility starts with payments, and for the last decade, Ripple’s focused on key components of infrastructure (liquidity, off ramps, tokenization, custody, & compliance) required for enterprise-grade payments. Today, we’re unveiling an end-to-end solution for just that.”

    Long further elaborated on the evolution of the company’s product offerings, explaining the accessibility and efficiency of their solutions. “This is an evolution of our product, where our customers can tap into crypto utility without having to be an expert in using this technology. A single onboarding experience, with Ripple managing the end-to-end flow to move value at any time, as fast and low-cost as possible.”

    An integral part of the rebranding is the integration with the XRP Ledger’s native decentralized exchange (XRPL DEX), aiming to enhance product performance. This integration is expected to lower the barriers to entering new markets by tapping into global liquidity options, the press release states.

    “Ripple has led the way in addressing key components of crypto financial infrastructure, including liquidity, off ramps, tokenization, custody, and compliance. Bringing these elements together within Ripple Payments for an intuitive end-to-end enterprise experience is the natural next step to make crypto’s benefits accessible for any business,” Long remarked.

    RocketFuel, an early adopter of the new product, lauded the rebranding for its effectiveness in global service delivery. CEO Peter Jensen stated, “Ripple Payments supports our products, allowing us to serve our customers globally in a dramatically more effective way than the legacy financial system.”

    Onafriq Opens Up New Payment Corridors

    Ripple’s partnership with Onafriq, initially announced in November 2022 as an alliance with MFS Africa, has now taken a significant leap forward. This progression is marked by the establishment of three new payment corridors, facilitating streamlined and cost-effective remittance and business payments between Africa and several international markets.

    The updated partnership enables customers of PayAngel in the UK, Pyypl in the GCC, and Zazi Transfer in Australia to make transactions with recipients in 27 countries across Onafriq’s expansive pan-African network.

    Aaron Sears, SVP of Global Customer Success, emphasized the impact of this expansion:

    Connecting our partners PayAngel, Pyppl and Zazi Transfer with Onafriq over Ripple Payments will bring the benefits of faster and more cost-effective cross-border payments to individuals seeking to send money into Africa from around the globe.

    Onafriq aims to tackle the longstanding challenges of cross-border payments, such as extended transfer times and high costs. By addressing these issues, the partnership between both companies aspires to accelerate financial inclusion across Africa, a continent that has seen a rapid rise in mobile money adoption and digital financial services.

    Dare Okoudjou, Founder & CEO of Onafriq, reinforced the strategic importance of this collaboration in advancing their mission. Okoudjou stated, “Our mission is to make borders matter less when it comes to payment within, to, and from Africa. We are advancing this mission through our partnership with Ripple, which is already enabling new types of connections with fintechs such as PayAngel, Pyppl and Zazi Transfer.”

    Remarkably, the significance of this partnership extends beyond the immediate benefits of enhanced payment systems. Onafriq, boasting the largest mobile money footprint across Africa, connects over 500 million mobile wallets in 40 countries and operates across more than 1300 payment corridors on the continent. This comprehensive network makes Onafriq an important player in the field of regional interoperability and cross-border payments.

    At press time, XRP traded at $0.6804.

    XRP price, 1-day chart | Source: XRPUSD on TradingView.com

    Featured image from X, chart from TradingView.com

    [ad_2]

    Jake Simmons

    Source link

  • Ripple And National Bank Of Georgia Join Forces For Digital Lari Pilot | Bitcoinist.com

    Ripple And National Bank Of Georgia Join Forces For Digital Lari Pilot | Bitcoinist.com

    [ad_1]

    In a recent development, Ripple has been selected by the National Bank of Georgia (NBG) as the official technology partner for its Digital Lari (GEL) pilot project. 

    The collaboration aims to explore the potential benefits and use cases of Ripple’s Central Bank Digital Currency (CBDC) platform for the public sector, businesses, and retail users. 

    Ripple’s expertise and commitment to the project’s success were key factors in its selection, as announced by the NBG.

    NBG And Ripple Forge Path To Digitalization

    According to the announcement, the National Bank of Georgia chose Ripple after a “rigorous selection process” involving nine shortlisted companies. 

    Ripple stated that the company’s “deep understanding” of the project’s objectives, extensive experience in real-life pilot deployments, and comprehensive CBDC solution, were instrumental in securing the partnership. 

    As announced, the platform provides a holistic end-to-end solution that enables central banks and financial institutions to “seamlessly” mint, manage, transact, and redeem CBDCs. 

    With the selection phase completed, the NBG is set to commence the pilot stage, testing the Ripple CBDC platform in a live environment to evaluate select use cases. 

    Per the announcement, the partnership also aligns with Ripple’s broader strategy of driving innovation and efficiency in blockchain-based transactions

    Ripple’s partnership with the National Bank of Georgia adds to its growing portfolio of CBDC pilots with governments and central banks worldwide. The company has already announced pilot programs with countries such as Bhutan, Palau, Montenegro, Colombia, and Hong Kong, and is in discussions with over 20 other countries. 

    Ripple’s Valuation Soars To $15 Billion

    Central Bank Digital Currencies provide digital versions of fiat currencies, eliminating concerns over price volatility as their values remain fixed. 

    China and India have launched CBDC pilots. China’s CBDC pilot is one of the most successful, with over 260 million wallets in use.

    Given these developments, Ripple’s valuation reached over $15 billion in 2023, and its partnership with multiple governments for CBDC pilots demonstrates its influence on this matter.

    Overall, Ripple’s partnership with the National Bank of Georgia for the Digital Lari pilot project marks an important milestone in the adoption of blockchain technology in the public sector. 

    Through the utilization of the company’s CBDC platform, the NBG aims to evaluate the practical applications and benefits of digital currency for stakeholders. 

    XRP’s price surge on the daily chart. Source: XRPUSDT on TradingView.com

    As of the current update, XRP has reclaimed the $0.600 level and is currently trading at $0.6112, reflecting a 1.3% increase in the past hour. The maintenance of this level as support is crucial for XRP bulls to anticipate additional gains and to restore previously lost levels.

    Featured image from Shutterstock, chart from TradingView.com 

    [ad_2]

    Ronaldo Marquez

    Source link

  • Ripple Execs’ Case Officially Dismissed: What It Means

    Ripple Execs’ Case Officially Dismissed: What It Means

    [ad_1]

    On Monday, October 23, 2023, US District Judge Analisa Torres signed an order that formally dismissed the US Securities and Exchange Commission’s (SEC) case against Ripple executives Brad Garlinghouse and Chris Larsen. With this landmark order, the claims levied by the SEC against these Ripple figures are terminated in their entirety, marked with prejudice, ensuring that similar claims cannot be brought against them in the future over the same matter.

    What This Means For The Ripple Execs

    Fred Rispoli, a known pro-XRP attorney and senior managing partner at Hodl Law, provided an analysis of the dismissal order. He highlighted that the judge’s order of dismissal was exceptionally precise in its scope. It referred exclusively to “Institutional Sales” of XRP by Ripple executives and omitted the other two categories: “Programmatic Sales” and “Other Distributions.”

    This, Rispoli argues, was a strategic decision. While the dismissal grants Garlinghouse and Larsen protection from being pursued by the SEC concerning Institutional Sales, thanks to the ‘with prejudice’ condition, it does not offer the same shield for the other two categories. This essentially means that if the SEC decided to appeal and subsequently managed to reverse the court’s decision on “Programmatic Sales” and “Other Distributions,” the executives could find themselves back in the legal crosshairs.

    Drawing attention to this peculiarity, Rispoli posited, “If the SEC manages a win on its appeal, their hands would be tied in terms of pursuing any further action regarding Institutional Sales. However, the absence of a comprehensive dismissal spanning all sales categories could be a double-edged sword.” He seemed to suggest that Garlinghouse and Larsen might have achieved a more robust legal safeguard if all types of XRP sales had been included in the dismissal.

    Summarizing his analysis, Rispoli stated:

    Point: If I were Brad Garlinghouse and Chris Larsen, I would have demanded dismissal of ALL claims, not limiting it to Institutional Sales only. If the SEC appeals and overturns ruling on other sales, SEC can still sue BG and CL on those two other categories

    Engaging in the dialogue, Roisin The XRP Queen, a prominent figure in the community, subtly hinted at the possibility of behind-the-scenes negotiations or agreements that might play a pivotal role in future developments. Rispoli agreed, emphasizing that any possible appeal by the SEC would only be of significant concern if there weren’t undisclosed agreements in motion.

    “Exactly. Not including the other two categories in the dismissal only becomes a problem if there is an appeal by the SEC,” remarked the attorney.

    Crucial Details

    The genesis of this litigation harks back to December 22, 2020. The SEC, in its official complaint, alleged that Garlinghouse and Larsen had unlawfully funneled finances into Ripple via the sale of unregistered XRP, particularly targeting institutional investors. Ripple’s XRP sales activities were classified into three distinct categories: institutional, programmatic, and other distributions.

    Judge Torres, in a pivotal ruling, demarcated the sales, stating that only the institutional sales infringed upon the law. This distinction absolved the programmatic sales and other distributions from being deemed unlawful. Such a determination had initially paved the way for a focused trial on institutional sales set for the next year. But, in light of the SEC’s recent decision to retract its charges, that scheduled trial has evaporated.

    With the latest turn of events, the crypto and legal spheres are buzzing with conjectures about the SEC’s perspective maneuvers. A prevailing sentiment, resonated by Rispoli and several other legal analysts, is that the horizon might herald a settlement between the SEC and Ripple. However, it is important to note that the SEC still has the prerogative to appeal after the final ruling.

    At press time, XRP traded at $0.5426.

    XRP price hovers below the 0.236 Fib, 1-day chart | Source: XRPUSD on TradingView.com

    Featured image from Law.com, chart from TradingView.com

    [ad_2]

    Jake Simmons

    Source link

  • Pro-XRP Lawyer Deaton Exposes Clayton’s Agenda Vs. Ripple

    Pro-XRP Lawyer Deaton Exposes Clayton’s Agenda Vs. Ripple

    [ad_1]

    John E Deaton, a prominent lawyer known for representing XRP holders and vocalizing his criticisms of Jay Clayton’s tenure as the SEC Chairman, recently took to Twitter to highlight what he believes to be glaring conflicts of interest surrounding the SEC’s enforcement action against Ripple, its CEO Brad Garlinghouse, and co-founder Chris Larsen.

    Deaton tweeted, “When the XRP case was filed on Clayton’s last day in charge at the SEC, I immediately pointed out the massive conflicts of interest by him voting to bring an enforcement action against Ripple, Brad Garlinghouse and Chris Larsen.”

    This tweet comes in the wake of a statement made by Brian Costello, who lambasted the SEC’s role in allegedly concealing financial misdeeds connected to Chinese executives.

    Costello remarked that under both Clayton and current chairman Gary Gensler’s leadership, the SEC may have overlooked potential misdemeanors tied to specific Chinese business magnates, singling out Neil Shen from Sequoia.

    Costello stated:

    The SEC’s role in hiding Chinese executives, like Neil Shen from Sequoia, and other US capital market crimes has played a significant role in normalizing China’s frauds. Gary Gensler and Jay Clayton, you had an opportunity to prioritize our nation’s defenders, but your personal interests prevailed.

    The Hidden Agenda By Clayton And Gensler

    Peeling back the layers of professional entanglements, Deaton unveiled potential biases arising from Clayton’s affiliations. He underscored Clayton’s association with Patrick Berarducci of the prestigious Sullivan & Cromwell law firm. Intriguingly, Berarducci had also served as Deputy GC at Consensys, a pivotal entity in the Ethereum ecosystem, and as Co-Chair of The Brooklyn Project.

    Highlighting these intricate connections, Deaton noted, “One of Clayton’s partners at Sullivan & Cromwell, Patrick Berarducci, was deputy general counsel at Consensys and co-chair of The Brooklyn Project, which claimed to be building an alliance with the SEC related to crypto.”

    As Deaton highlights, other lawyers from Sullivan & Cromwell also went to work at Consensys. Moreover, the law firm not only represented Ethereum’s Consensys but “also brokered the deal when Consensys acquired JP Morgan’s Quorum and the JPMCoin. Clayton & Hinman, along with Hinman’s partner Leming Chen, brought the Alibaba IPO to market. Simpson Thacher’s Chen went to Alipay.”

    Further complicating matters, Deaton draws attention to the spirited rivalry between cryptocurrencies, underscoring the intense competition between XRP and ETH. He reminisces, “XRP & ETH battled each other for the #2 spot behind BTC for years.”

    Such rivalries, when juxtaposed against Clayton’s professional affiliations, beget concerns of impartiality in enforcement decisions involving Ripple. The lawsuit against Ripple may have set the company back years – a head start that may have yielded major advantages for Consensus and Ethereum.

    Challenging Clayton’s actions head-on, Deaton asserted, “At his confirmation, Clayton agreed he would be conflicted from voting AGAINST an enforcement action involving one of S&C’s clients. But, paradoxically, he voted FOR an action AGAINST Ripple, a formidable adversary of his law firm’s client.”

    Pro-XRP Lawyer Uncovers More Ties

    Deaton doesn’t stop there though. He delves into Clayton’s affiliations post-SEC, emphasizing his association with entities like Apollo Group and One River, which have substantial stakes in cryptocurrencies. Most notably, Deaton pointed out, “Clayton joined One River after it made a $1B bet on BTC & ETH, the only two Crypto assets given regulatory clarity by Hinman’s speech.”

    Moreover, Deaton does not hold back on William Hinman, former director of the SEC’s Division of Corporation Finance, suggesting infractions and conflicts during his term. As Bitcoinist reported, William Hinman is in the crosshairs of the XRP community for his documented strong ties to Ethereum’s Vitalik Buterin and Joseph Lubin prior to his famous speech.

    Expounding further, Deaton accentuates potential collusion, indicating a meeting between Clayton and Gensler, his successor. He provocatively ponders, “Why would you file a case of this magnitude on your last day and then leave it for the next administration to deal with? Or was this a coordinated effort?”

    At press time, XRP traded at $0.5236.

    XRP price rises above the 200D EMA, 1-day chart | Source: XRPUSD on TradingView.com

    Featured image from Medium, chart from TradingView.com

    [ad_2]

    Jake Simmons

    Source link

  • Ripple Vs. SEC: Appeal Unlikely To Happen Soon, Potential Delay Until 2024 | Bitcoinist.com

    Ripple Vs. SEC: Appeal Unlikely To Happen Soon, Potential Delay Until 2024 | Bitcoinist.com

    [ad_1]

    In a surprising twist, the US Securities and Exchange Commission (SEC) has dismissed its case against Ripple executives Brad Garlinghouse and Chris Larsen. 

    The dismissal agreement, reached by both parties, means that the scheduled trial for April next year will no longer proceed. However, it is important to note that while the charges against Garlinghouse and Larsen have been dropped, the SEC has not abandoned the case altogether.

    SEC’s Bid For Ripple Appeal Paused

    The development came to light when FOX Business journalist Eleanor Terret reported the dismissal, emphasizing that the SEC’s move did not signify the end of the case but rather the withdrawal of charges specifically against Garlinghouse and Larsen. 

    This revelation sparked confusion among some, prompting questions about the SEC’s intentions and potential appeals.

    Terret addressed these queries, clarifying that the SEC could potentially appeal the judge’s decision made on July 13th, which determined that XRP sales on exchanges were not securities. 

    However, Terret pointed out that the appeal process would only be possible after a final judgment is reached, which may take months to materialize. Consequently, the SEC’s appeal is not expected until next year.

    Executives Find Satisfaction In SEC’s Case Dismissal

    While Ripple and its executives celebrated the dismissal as a vindication of their position, legal experts and observers weighed in on the implications. 

    Ripple’s Chief Legal Officer (CLO) Stuart Alderoty, expressed satisfaction with the SEC’s decision, characterizing it as a surrender by the regulatory agency. The CLO highlighted that this marked the third consecutive victory for Ripple, following the July 13th ruling and the denial of the SEC’s bid for an interlocutory appeal on October 3rd. Alderoty stated:

    The SEC made a serious mistake going after Brad & Chris personally – and now, they’ve capitulated, dismissing all charges against our executives. This is not a settlement. This is a surrender by the SEC.

    Notably, pro-XRP lawyer Jeremy Hogan suggested that the dismissal increased the likelihood of a comprehensive settlement between Ripple and the SEC, as the remaining legal question primarily pertains to the financial terms of the resolution.

    The ongoing developments in the Ripple-SEC case have captivated the cryptocurrency community and beyond. 

    Ripple’s legal battle, which initially stirred controversy and uncertainty, has now taken an unexpected turn. The dismissal of charges against Garlinghouse and Larsen has opened the door to potential settlement negotiations, while the SEC’s appeal and the final judgment’s timing remain key factors to watch in the coming months.

    As the case continues to unfold, stakeholders eagerly anticipate further updates and resolution, hoping for clarity on the regulatory status of XRP and its potential impact on the broader cryptocurrency industry.

    XRP’s uptrend on the daily chart. Source: XRPUSDT on TradingView.com

    Currently, XRP is trading at $0.5192, experiencing a substantial 6.9% increase in the past 24 hours. This surge in value follows the release of significant news, which has positively impacted both XRP’s price and its overall gains across different time periods.

    Featured image from Shutterstock, chart from TradingView.com 

    [ad_2]

    Ronaldo Marquez

    Source link