![]() ![]() Ripple says XRP can enable money movements in a fraction of a second. dollars to Mexican pesos – to solve the issue of needing pre-funded accounts on the other end of a transfer to wait for the money to be processed. The company uses the token as a "bridge" currency between transfers from one fiat currency to another – for example, U.S. It is currently the fifth-largest cryptocurrency in circulation, with a market capitalization of $37.8 billion. XRP is a cryptocurrency that Ripple uses to move money across borders. Ripple has over 900 employees globally, with roughly half of them based in the U.S. Ripple now sources most of its business from outside of the U.S., with Alderoty previously telling CNBC that, ", its customers and its revenue are all driven outside of the U.S., even though we still have a lot of employees inside of the U.S.," he added. Meanwhile, Tetragon, a U.K.-based investor that previously backed Ripple, sold its stake back to Ripple after unsuccessfully trying to sue the company to redeem its cash.Īsked whether the ruling meant that American banks would return to Ripple to use its ODL product, Alderoty said: "I think the answer to that is yes." money transfer giant, ditched its partnership with Ripple in March 2021. Ripple's business suffered as a result, with the company losing at least one customer and investor. Ripple disputed the claims, insisting XRP cannot be considered a security and is more akin to a commodity. Ripple has been fighting the SEC for the past three years over allegations from the agency that Ripple and two of its executives conducted an illegal offering of $1.3 billion worth via sales of XRP. Securities and Exchange Commission against the company. Last week, a New York judge delivered a watershed ruling for Ripple determining that XRP, a cryptocurrency Ripple is closely associated with, in itself was "not necessarily a security on its face," contesting, in part, claims from the U.S. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit ![]()
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