Ripple Lab’s Ripple is a real-time gross remittance platform that supports crypto, fiat, and commodities transactions and settlements. Ripple’s native crypto is called XRP that has been adopted by financial institutions and payment networks, such as Santander and UniCredit, as a remittance infrastructure system owing to its speed within the network, technology stability, and ability to function as a bridge currency. XRP’s current circulation is 43 billion.
Ripple’s Long-running Legal Battle
Apparently, there seems to be some respite for Ripple in the class-action lawsuit that accused the company of selling XRP, its flagship product, as an unregistered security. An amended class-action lawsuit, which included new claims of unfair competition and faulty advertising, was filed against Ripple on March 25, 2020. The amendment also claimed that Ripple CEO Brad Garlinghouse was silently liquidating his funds, all the while touting XRP to prospective investors. However, some of the claims were dismissed, especially the ones filed under California state law.
Ripple and ANU
The Australian National University (ANU)’s law school, along with Ripple’s UBRI (University Blockchain Research Initiative), has developed two new master programs that commenced this year, as per XRP News. The courses aim to explore the impact of blockchain technology in the legal field, thereby allowing students to examine the latest developments and emerging trends in the fields of e-payments, DLT (distributed ledger technology), and cryptocurrency. Also, the programs will assess the role of blockchain and smart contracts in automation and decentralization of legal processes (such as identity confirmation, the relationship between involved parties, or interaction-governing protocols) and dispute resolution.
Relief For Ripple Co-founder
On April 3, 2020, Ripple’s co-founder and former CEO Chris Larsen tweeted to his 39,000 followers that he had completely recovered from COVID-19. He took the opportunity to thank everyone for operating on the frontlines and also urged those who have recovered from the infection to donate blood. As a novel attempt, Larsen shared a picture of himself donating blood in order to encourage other COVID-19 survivors to do the same.
Thailand Joins Ripple Bandwagon
Thailand is quite an expensive country in terms of sending and receiving money. In the past, cross-border payments between Thailand and Europe took a whole business day to complete. But now pound sterling and euros can be cleared into baht almost instantly. On April 9, 2020, it was announced that Azimo, a digital money transfer service, along with Thailand’s veteran financial institution Siam Commercial Bank (SCB), will launch an instant cross-border payment gateway between the two geographies through RippleNet, Ripple’s global payments network. The service’s primary objective is to solve the challenges of unreliable and expensive global payments. With this new payment platform, settlements from Europe to Thailand can be completed within a minute (22 seconds average).
Lex Automagica
As mentioned earlier, the ANU and UBRI’s partnership program named Lex Automagica is all about how blockchain can disrupt the legal arena. In February 2019, UBRI pledged around $1 million for the research and development of courses that examine the applications and implications of blockchain for the law. Lex Automagica is implemented using Codius, a Ripple platform that hosts programs, and smart contracts. Ripple believes that the blockchain technology has the caliber to help simplify the fractured processes that exist in today’s legal system. Something like the eBay platform where consumer law disputes are resolved without involving the court.
Final Thoughts
Ripple is reaching places, placing its foot in the right areas. As consumer awareness about digital currencies is growing rapidly, banks are expanding to accommodate Ripple into their systems to serve the interest of the masses better. If Ripple continues to dish out novelties such as the ones mentioned above, it can definitely solidify its position as one of the top payment platforms in the world sooner. If you want to get more updates on Ripple (XRP) including live price & XRP Price Prediction, then you must visit other pages of our website.
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