Continuing on with our coverage of the cryptocurrency XRP developed by the US-based technology company Ripple Labs, a long-standing legal battle between the firm and the US Securities Commission (SEC) is set to end. The SEC and Ripple Labs have jointly asked a Manhattan federal court to dissolve a prior injunction and release $125 million currently held in escrow, according to a filing made Thursday in the Southern District of New York. Under the proposal, Ripple would pay a $50 million civil penalty to the SEC, with the remaining funds to be returned to the company. The case, which begain in 2020, centered on XRP sales as alleged unregistered securities. See here for more details on the case.
Tapping Asia
Ripple has been on a major expansion drive in Asia and the Gulf region in the field of blockchain-enabled finance. Ripple offers real time settlement for cross border payments, regulatory compliance, and already has wide geographic coverage covering six continents. It is tapping a market measured in the trillions of dollars and is crypto’s solution to the jurassic SWIFT system. After securing deals in the UAE –one of the world’s largest cross-border payment hubs – Ripple is now eyeingJapan expansion to boost XRP adoption amid rising regional demand. The firm is reportedly eyeing a license in Japan to allow XRP for banking payments.
Ripple is also offering grants to fund early-stage startups in Japan working on XRPL-based solutions aimed to foster projects in key areas such as DeFi, tokenized real-world assets (RWA), and digital payments. It has also committed $5 million in funding to universities across APAC, targeting universities in South Korea, Japan, Singapore, Taiwan, and Australia, which is part of Ripple’s ongoing strategy to foster talent and innovation in regions with a strong digital finance appetite.