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Ripple Shuns Securities Question | Dismisses XRP Lawsuit

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Ripple

Ripple

Over the past few years, XRP has grown into the third-biggest cryptocurrency by market cap, and much of the credit for that goes to the company Ripple. The company holds the highest number of XRP tokens, and as a result, its activities have a direct impact on the price of the token. Over the course of September, the San Francisco startup has come under a lot of pressure from the XRP community due to the high volume of tokens it’s been selling.

In a new development, the company has now decided to file a motion in order to dismiss a lawsuit that alleges that it violated securities law in the United States. The violation pertains to its act of selling XRP tokens.

Now What?

Many members of the XRP community have claimed that the token has performed poorly throughout the year because of the fact that Ripple had sold billions of tokens every quarter. The company’s Chief Executive Officer Brad Garlinghouse had earlier dismissed the allegations and stated that the sales were meant for further developing the XRP ecosystem. In its motion to dismiss the lawsuit, the company stated that the case had not been brought within three years of XRP having its initial coin offering. Hence, the statutes of limitations have expired.

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However, along with the standard legalese in the motion to dismiss, the company also stated that XRP is not a security and hence, purchasing it does not mean that an investor has entered into an investment contract. In the motion, the company stated, “Purchasing XRP is not an ‘investment’ in Ripple; there is no common enterprise between Ripple and XRP purchasers; there was no promise that Ripple would help generate profits for XRP holders, and the XRP Ledger is decentralized.” It is a telling point and one that could give Ripple a massive advantage if the lawsuit ever goes to trial.

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Ripple Invests in Cybersecurity Startup Funding Round

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Ripple

Ripple

Ripple has invested in a $2.2 million USD seed funding round by London-based cybersecurity startup Keyless via its investing division, Xpring. Keyless claims to be the first company in the world to combine biometrics with secure multi-party computation.

Xpring was launched in 2018 with the intention of enabling the Internet of Value, an online ecosystem allowing for the seamless movement of money. Since then, it has evolved into more of a startup investment arm of Ripple, funding unique and high-potential projects in the world of crypto in order to enable widespread adoption of digital assets. It is unsure exactly how much it has invested in Keyless, but it is believed to be one of the more sizeable investments alongside venture fund Cryptos Capital.

Ethan Beard, Senior Vice President of Xpring, said Ripple has made this investment due to the potential for widespread adoption across a range of industries. “During our technical review, we found Keyless’ solution to be clever and well thought out. We believe Keyless’ solution will be particularly welcomed by wallet providers and exchanges to accelerate the verification process for crypto holders.”

While Keyless’ technology still remains under development, the company recently completed beta testing with two crypto wallet customers for its first product, the Keyless Authenticator. The authentication technology is said to protect personal data across cloud, mobile, and internet-of-things technologies by allowing users to split up multiple parts of their biometric information, such as the face or fingerprint, and send the encrypted data to multiple nodes.

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Ripple’s investment branch has been busy at work funding various projects, having recently acquired payment platform Logos Network to help develop decentralized financial products. Last month, it launched a new software development kit that allows for the integration of XRP apps in multiple programming languages, providing far greater scope for the development of unique blockchain products.

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BitPay to Include Support for XRP This Year

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BitPay

BitPay

Over the course of the past few years, plenty of innovative companies have come up, and one of the more interesting ones in this regard has been BitPay. The company is a blockchain payment provider and is regarded among the more innovative companies in the crypto ecosystem.

Key Details

In a new development, BitPay announced that it is going to provide support for XRP payments by the end of 2019. It is a significant development not only for the company itself but also for XRP, which is currently the third-biggest cryptocurrency in the world by market cap.

As everyone knows, the ultimate aim of most cryptocurrencies is to be accepted as a regular payment and make a dent in the dominance enjoyed by fiat currencies. To that end, this is a major development for XRP, which has fashioned itself as a payments solutions provider for institutions as well as for individuals. According to the revelations made by the company to a leading crypto news website, BitPay has actually partnered with Xpring, a product created by Ripple, and it is going to use it to complete the integration of XRP to its platform. The director of product at the company, Sean Rolland, stated, “XRP can offer a payment option that is fast, cost-effective and scalable.”

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One of the more important things to come out of this development is the realization that XRP is not only meant for institutions and large banks but also for individuals who wish to make fast payments. BitPay has grown significantly over the course of the past few years, and last year alone, the company processed as much as $1 billion worth of payments.

It is an indication that payments through cryptocurrencies are catching on at last, and it is only a matter of time before it becomes far more widespread throughout the world. In September, BitPay added support for Ethereum as well.

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How Could a Potential Ripple IPO Affect XRP’s Price This Year?

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Ripple

Ripple

Over the past year or so, XRP is probably one of the few major cryptocurrencies that have not enjoyed any meaningful gains, and much of the blame has been laid at the door of the fintech firm Ripple. The San Francisco-based company owns the highest number of XRP tokens.

Uncertainty in the Crypto Market

Currently, the uncertainty in the crypto market has beaten down the XRP price further. However, it is the possibility of an initial public offering from Ripple that has given rise to a fresh debate among analysts.

Earlier this year, the Chief Executive Officer of Ripple, Brad Garlinghouse, stated that there is a possibility that many crypto-based companies are going to have their IPOs. That resulted in a lot of speculation about an IPO from the company itself. Garlinghouse later said that he was merely talking about the possibilities but has not been thinking about an IPO this year.

Allen Scott, who is the head of markets at Cointelegraph, stated that an IPO from the company could prove to be an existential threat to XRP as a token. However, it should be noted that the possibility of an IPO is currently at a speculative stage.

XRP has been beset with a range of troubles in recent times, and in order to tackle that problem, Ripple has launched a portal. The portal is aimed at allowing XRP investors to report malicious activity. The move from the company came after it emerged that XRP-related scams have hit the market.

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In addition to that, reports of fake XRP giveaways, token theft, and other financial crimes have come to the fore as well. Due to the presence of this portal, people can fill in a form that offers an exhaustive list of suspicious activities, which can be reported to the company. Ripple will investigate the matter but is not going to reimburse anyone with XRP tokens.

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Ripple Launching XRP Third Party Developer Platform

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Ripple

Ripple

Ripple has announced it is launching a new platform that will allow developers to integrate both fiat and cryptocurrency into any app.

The platform is being developed by Ripple’s Xpring division, the investment branch of the company, and will provide developers access to a range of services such as an Xpring software development kit that allows for the integration of XRP apps in multiple programming languages. Xpring was launched in 2018 with the intention of enabling the Internet of Value, an online ecosystem allowing for the seamless movement of money.

Xpring’s senior vice president Ethan Beard said, “Xpring SDK allows you the developer to use the XRP ledger simply and in any programming language you want. What takes a developer today a 100 lines of code to do a transaction on XRP ledger, using Xpring SDK cuts that down by 80 percent.” Beard said that this platform will function like Amazon’s Web services in that developers can download the code and run it themselves, or go to Xpring and plug into the service.

On top of today’s announcement, Ripple has also unveiled a new partnership with BitPay to enable businesses to accept XRP as payment by the end of the year. BitPay is a leading cryptocurrency payments service that had, until recently, only accepted Bitcoin but in recent weeks has added Ethereum and now Ripple’s XRP. With BitPay onboard, users can now make payments to companies such as Microsoft and AT&T using XRP.

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Last month, Ripple announced that Xpring had acquired payment platform Logos Network to help develop decentralized financial products. The acquisition brings Xpring’s team to 32 with the addition of nine new engineers, a substantial increase from just two team members back in May. Logos Network founder and CEO Michael Zochowski will join Xpring as the Head of DeFi products.

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SIX Stock Exchange Adds XRP to Latest ETP Project

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SIX Stock Exchange

SIX Stock Exchange

The largest stock exchange in Switzerland, the SIX stock exchange, is planning on launching an XRP crypto exchange-traded product (ETP). Amun AG was the first crypto startup to launch ETPs on SIX. Hany Rashwan, CEO of Amun AG, told CoinDesk that this new product will have the ticker AXRP.

SIX Stock Exchange Adds XRP ETP

The SIX Stock Exchange has not released any formal news yet on this matter and the ETA of AXRP is unknown at this time. In addition to the XRP ETP, Rashwan told CoinDesk that SIX has approved ETPs for four more altcoins. According to the CEO, Bitcoin Cash (BCH), EOS, Stellar (XLM), and Litecoin (LTC) will be the next altcoins to get their own ETP products on the SIX Stock Exchange.

Amun AG has yet to provide thorough details regarding the new ETP listings. In November of 2018, SIX launched its first ETP that tracks a basket of top-weighted cryptocurrencies. This new product was issued by Amun AG under the HODL ticker. Since November, this total monthly trade volume for HODL has taken over an ETP that tracks crude oil. According to research by CoinDesk journalists, HODL became a top traded ETP on SIX in both December and January, prompting further digital currency ETP products.

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Rashwan told CoinDesk that most of the buyers of these products are based in Switzerland. Over the past few weeks, Amun AG has issued Bitcoin (BTC) and Ethereum (ETH) ETPs on the SIX Stock Exchange.

What is an ETP?

ETPs are passive investment instruments with no active trading strategies involved. ETPs are priced so the value is derived from other investment instruments such as a currency. SIX has its own rules for these traded products and states they are not treated as “collective investment schemes;” therefore, ETPs are not supervised by Switzerland’s market regulator. Amun AG backs each ETP by an identical amount of crypto assets, which is checked on a continuous basis. Rashwan told CoinDesk it stores its collateral with Kingdom Trust.

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Ripple Announces New Partnership with UK Remittance Firm

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Ripple

Ripple

Ripple, the world’s third-largest cryptocurrency by market cap, has announced a new partnership with UK remittance firm Xendpay.

The London-based firm will now become a part of Ripple’s global settlement platform, RippleNet, according to a press release issued today. Joining RippleNet will now allow Xendpay access to markets in Bangladesh, Malaysia, the Philippines, Vietnam, Indonesia, and Thailand. Xendpay is a money transfer platform that is popular among migrant communities as it allows them to repatriate funds while, crucially, giving them the option to waive transfer fees through its Pay What You Want service.

“Most of our customers are migrants who are sending money back home. This money is vital to support their families: to pay rent or mortgage, electricity bills, medical fees and education costs. Being an online service allows us to reduce our overheads and pass the savings on to these clients, for whom every penny counts,” said Bhavin Vaghela, Xendpay’s Head of Product Innovation.

He continued to state how Ripple’s support will improve the service offered by Xendpay; “Thanks to RippleNet, a customer in Germany can log onto our platform at 3AM on a Sunday morning and the money will be in their beneficiary’s bank account in Thailand within an hour. More than 90 percent of our recent payments to Thailand over RippleNet have been delivered within 10 minutes.”

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Ripple’s support of Xendpay is a huge boost for the crypto firm as further adoption of the Xendpay system will require XRP tokens in order to make remittance easier. Ripple investors will expect this to lead to bullish conditions and further develop long term growth. Ripple’s XRP is currently valued at $0.27, which is up 2.5% from yesterday.

This is not the first deal Ripple has signed with a money transfer firm. Earlier this month, it was announced that it had made a $30 million USD investment in Moneygram, a market leader for remittance services.

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MoneyGram Receives $11 Million Cash Injection from Ripple

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MoneyGram

MoneyGram

MoneyGram (NASDAQ:MGI) has received over US$11 million in the last six months from Ripple in what was described as “Ripple market development fees.”

A partnership between the money remittance company and the crypto services firm was first announced back in June when Ripple agreed to provide MoneyGram with US$50 million in order to support its payments product, On-Demand Liquidity, or xRapid, as it is sometimes referred to as.

The US$11.3 million sent MoneyGram’s way over the last months is broken up into two quarters, US$2.4 million in Q3 and an additional US$8.9 million in Q4. The Q4 payment, described as a “financial benefit” by MoneyGram, was not included in its most recent earnings report. Instead, it was accounted for as a contra expense in its operating expenses, which required the company to restate its revenue down by US$2.4 million but cut operating costs by the same amount, leaving earnings unchanged.

MoneyGram had previously been filing the investments as revenue but was instructed to refile as operating expenses at the recommendation of the SEC.

“The Company is compensated by Ripple for developing and bringing liquidity to foreign exchange markets, facilitated by Ripple’s blockchain, and providing a reliable level of foreign exchange trading activity. The Company expects that this partnership, at scale, will reduce our working capital needs and generate additional earnings and cash flows,” read MoneyGram’s Q3 earnings report.

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Interestingly, the payments made to MoneyGram are actually paid out in XRP, Ripple’s native token. The crypto firm sells XRP tokens from a vast escrow account on a monthly basis, with CEO Brad Garlinghouse admitting that the company would not be where it is today without doing so. MoneyGram then sells the tokens upon receipt, which implies that the more professional users XRP attracts, the more tokens will be sold on the open market.

The agreement between MoneyGram and Ripple is slated to run until 2023.

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Ripple is All Set to Boost Financial Inclusion Globally

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Ripple

Ripple

The year started off impressively for many cryptocurrencies but none of that seemed to affect the price of XRP, and Ripple, the company which owns the biggest number of XRP, has been blamed by many in the crypto community for this state of affairs. In a new development, the Chief Technology Officer at the fintech company, David Schwartz, stated that it is trying to bring about more financial equality in the United States and in the rest of the world.  One of the biggest selling points for XRP is the fact that it has a use case and could be used for cross border payments by institutions.

Key Details

Schwartz was speaking at the UBRI Connect 2019 event, hosted by Ripple. He delivered the keynote address at the event and went on to state that the company is well-positioned to work towards financial inclusion.

He said, “We tend to think we’re overbanked in the United States because you could just go anywhere and open a bank account.” Then he went on to reveal that as many as 24 million people in America are underbanked and as many as 2 billion across the world.

However, that is not all. The company has had some interesting developments in recent days and must be the source of optimism among XRP fans. Forte, a company based out of San Francisco, has expressed its desire to change the gaming industry with the use of XRP.

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Forte is a Ripple partner and owns a fund worth $100 million with Xpring, and this could eventually prove to be a major boost for XRP. Forte wants to make life easier for game developers and bring about a system that is highly transparent. One of the executives stated that it wants to “offer a potent solution to the challenge of the complexity plaguing game developers that result in stagnant economy design.”

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Ripple to Invest 1 Billion XRP to Fund Online Content

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Ripple

Ripple

Over the past few years, plenty of cryptocurrencies have come to the fore due to the example set by Bitcoin and one of the most interesting cryptocurrencies to have emerged during that time is XRP, which is backed by San Francisco-based Ripple. It is the third biggest cryptocurrency in the world by market cap, and over the course of the past few years, Ripple has been working tirelessly to create an entire ecosystem powered by XRP.

On Thursday, the company announced that it is going to invest $4 million in Coil, a payment processing system that will be available in browsers. Coil is headed by Stefan Thomas, the former Chief Technology Officer of Ripple.

Key Details

The company made another very interesting announcement that will definitely create a buzz in the crypto sphere. It stated that it is going to give away as much as 1 billion XRP tokens to Coil so that the company could build an ecosystem.

The value of the XRP that is being given away by Ripple is valued at around $265 million as per the current price of the cryptocurrency. The giveaway is going to accelerate the growth of Coil in a big way at a time when many highly innovative payment services are being created by developers all over the world.

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In addition to the investment by Ripple, Coil has also attracted an investment of $20 million by Cinnamon, a video streaming firm, and Imgur, a photo-sharing platform. For XRP, this is an important development, because Coil will allow people to receive payments in XRP and that could ultimately lead to wider use of the cryptocurrency in the real world. At the end of the day, it is the possibility of widespread use that could raise the price of any cryptocurrency significantly.

What do you think of the news?

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