Leading crypto solution provider, Ripple, recently signed a partnership agreement with a Singapore-based payment platform, FOMOPay. Ripple announcement this development through a press release. As revealed, the partnership will allow FOMOPay to explore Ripple’s on-demand liquidity technology in carrying out its operation.
In addition, FOMOPay will now benefit from continued access to liquidity for the US dollar and Euro, thanks to the partnership. Prior to this development, performing satisfying and fast transactions was generally difficult. According to reports, such processes usually take days for the funds to reach the destination accounts. FOMOPay Managing Director Louis Liu has confirmed that partnering with Ripple will put an end to such experiments.
Reacting to the development, Ripple Labs managing director and fintech expert Brooks Entwistle said the partnership was necessitated by prevailing trends in the crypto sphere. According to Brooks, the Asia-Pacific region is notorious for its lack of suitable payment mechanisms. He added that the agreement would put an end to these shortcomings.
Moreover, this partnership agreement comes amid the ongoing legal battle between the crypto solution provider and the US SEC. According to reports, the legal proceedings with the regulator began in mid-2020. As revealed, the crypto solutions provider has been indicted for raking in over $1.3 billion by selling unlicensed securities to investors.
The US regulator has taken legal action against Ripple and some of its executives. Apparently, the protocol responded by challenging the filing, pointing out that the SEC had no authority to track its activities.
Recently, the two-year-long case took on another dimension after a US court ordered the publication of the “Hinman speech” by the SEC. The court criticized the SEC for concealing a speech document capable of helping Ripple’s defense. Now it seems that the procedure is gradually tilting in favor of Ripple.
However, legal proceedings and current market conditions have not prevented Ripple from entering into partnership agreements with many companies. Likewise, the list of companies leveraging their ODL technology has grown significantly. Companies currently using Ripple’s ODL technology include FlashFX, Novatti, and iRemit.
According CoinMarketCap, the Ripple token, XRP, is currently worth $0.331688 with a 24-hour trading volume of $1,139,788,193. XRP, the native token of Ripple, typically serves as an intermediary exchange mechanism between two coins or networks.
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