The native currency of San Francisco- based company’s public Ripple Consensus Ledger [RCL] is XRP token. This is also the foundation for several of the firm’s blockchain products.
Allegations have come up about Ripple distributing XRP by selling the coins and majority of clients purchasing them as investments. This is subject to the same securities regulations that govern stocks, bonds, and even many Initial Coin Offering [ICO] tokens and in case this is true, some serious legal ramifications could happen for both Ripple and the exchanges that trade it.
Ripple’s claim on the statement:
“We are absolutely not a security and we don’t meet the standards of court law that a security is based on.”
Cory Johnson, Ripple’s Chief Market Strategist argues that the claims regarding the distribution are unfounded and the discussion is a security resurface at semi-regular intervals.
Coinbase president, Asiff Hirji’s comments stemmed from the present debate. He said that the exchange and brokerage giant is already listing every cryptocurrency for which it believes there is a regulatory certainty. The company lists 4 coins currently excluding XRP to which Cory responded and alluded to recent news about Ripple’s bribery attempt with incentives that included an internet-free XRP loan to list the token.
Cory Johnson clearly stated:
“Coinbase never ever raised the issue of whether or not XRP is a security in our discussions about listing XRP. We’re 100 percent clear, it’s not a security. We don’t meet the standards.”
Ripple [XRP] is priced at $0.68 after a major increase in volume, prices and market cap as a result of the market’s unexpected blossom yesterday. The market cap has increased to $24.2 billion with an 18% volume increase.
Ripple and Santander
Another important update for Ripple is the mobile app that was launched recently by Santander using Ripple’s xCurrent. After, the successful launch, the company declared that it is now available to its retail customers in the U.K, the first-ever mobile application for cross-border payments.
Santander One Pay FX allows its customers to make payments in EUR and USD to Euro Zone countries and the U.S.A respectively, according to the official website’s announcement. The transactions take a day’s time to reach the destination which is way faster compared to traditional wire transfers that take up to 3-5 days. Ripple will also support similar payments for Santander’s customers in Brazil, Spain, and Poland.
“With One Pay FX, Santander customers in can now send payments across borders in a fast and simple way.”
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Ripple’s initiative invests in Bolt Labs to improve secondary payment channels and expand interoperability
Ripple’s arm, Xpring which invests and incubates in companies and individuals which help improve the XRP ecosystem, invested in Bolt Labs. With the new investment, Xpring hopes to develop solutions that will help improve the security of secondary payment channels and increase the interoperability by integrating with the ILP.
Bolt is a private, off-chain scaling solution which was built on top of Z-cash, a privacy-focused cryptocurrency, has attracted more than a few well-known investors in the crypto-space and Ripple’s Xpring is one among them. In a blog, Bolt Labs said that their solution will focus not only on ZCash but also other publicly available cryptocurrencies that do not have inherent on-chain privacy features.
It also stated:
“The potential for these implementations to be networked together with technologies like Interledger opens the potential further for cross-chain interactions with these privacy guarantees baked in.”
The above statement suggests that they might have a “potential” implementation for these on Interledger Protocol [ILP]. ILP was created at Ripple developed by the Interledger W3C Community Group. ILP aims at connecting two different blockchains, to integrate two different ledgers and have seamless operations between them.
This would vastly benefit the payments industry, which is facing a revolution at the hands of a nascent technology like blockchain. Ripple, a payments provider, which is leveraging cryptocurrency and blockchain to facilitate faster payments, would benefit largely from this partnership. In addition, this could also signify a potential development on the XRP Ledger and its on-chain/off-chain privacy and the currency, XRP.
A Twitter user @XRPCentre tweeted:
“If the solutions being developed by the company are able to improve the privacy of the ILP transactions, they would also be enhancing the privacy of XRP/ILP payments, which is a very demanded feature…. It’s all about interoperability and destroying network effects. If ILP succeeds in being the best protocol for cross-protocol/ledger transactions, you’d naturally search for the best asset therein.”
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