Ripple Labs has been in the news mostly on account of its ongoing tussle with the SEC. The regulatory agency charged Ripple Labs executives for dealing in unregistered securities. The $1.38 billion lawsuits filed in December 2020 made XRP lose about 60% of its total market value. Furthermore, the pre-dominantly centralized token was delisted by 54 major crypto exchanges. However, after a slew of legal victories during the last month, Ripple has managed to recover and rise from the ashes.
At the moment, the cryptocurrency is trending at $1.50. Many investors are hoping that the digital currency is eventually reinstated to its former ATH of $3.40 in 2018. The Japanese financial services company SBI Holdings, which has been supporting Ripple Labs through thick and thin, has recently announced the aim of the crypto enterprise to go public as soon as the lawsuit folds.
Jesse Powell, CEO of Kraken, told CNBC in an interview that if the government kept pushing crypto corporations, they would seek out other markets for their business. Ripple Labs has already started on that path. The company has acquired a 40% partnership in Tranglo. Tranglo would allow consumers in Southeast Asia to settle cross-border payments and remittances with digital assets. Meanwhile, two new projects are introduced to increase the utility of the token.
RippleNet is an ecosystem for integrating bank payment channels and money transfer businesses. By using this digital payment junction, customers all over the world would be able to interchange and trade fiat, commodities, and digital assets. On the other hand, RippleX is a toolbox that allows developers and programmers to create new blockchain programs following the principles of the Internet of Value (IoV).
Ripple Labs Rapid Expansion
With new projects like RippleNet, the digital asset company has witnessed a greater success rate in Asian countries compared to American states. Asheesh Birla, General Manager at RippleNet, revealed that in 2020 the network was used for over three million transactions. In 2021, RippleNet is getting ready to have massive expansion in Europe, Middle East, and Latin America. Due to the ODL services, the demand and adoption for RippleNet have been fairly unobstructed.
Another huge contributing favour that promises a great future for Ripple Labs is its break into NFT and CBDCs. Birla claims that with XRPL, the developers and art creators can gain NFT exposure from Ripple services. The NFT market is expanding every day. On the other hand, several central banks from every part of the world are conducting meetings with the Ripple team to discuss the adoption of CBCD issued by Ripple.