TheCryptoBoard
Image default
News

Ripple’s XRP Eying Fresh Trillion-Dollar Payments Market Amid Calls For Massive Adoption By Big U.S. Banks

In a bold move, cross-border remittance giant Ripple is set to re-engage with the U.S. market following a partial victory against the U.S. Securities and Exchange Commission (SEC) mid-last year.

The decision comes after about three legal battles that had left the company’s future in the U.S. uncertain. In a LinkedIn post last week, Oliver Segovia, head of product marketing at Ripple, shared insights into the company’s plans and highlighted Ripple’s plan to make a comeback to the US and launch new products.

“After being relatively quiet for the past 3 years in the US for Ripple Payments, we’re geared up to announce new product updates powered by our money transmitter licenses (MTLs) that cover the majority of US states.” Wrote Segovia.

He disclosed that Ripple will host a fintech meetup at its new San Francisco headquarters on February 7 to kick off their renewed focus on the U.S. market. The event will feature a panel discussion on Ripple’s blockchain and payments outlook for 2024, with key executives including Brendan Berry, Pegah Soltani, and CTO David Schwartz.

Ripple’s renewed optimism in the U.S. market stems from recent legal clarity. Ripple executives, led by CEO Brad Garlinghouse, have consistently underscored the importance of regulatory certainty in facilitating Ripple’s operational effectiveness, noting that 90% of the firm’s business is outside the U.S. Of particular note, Ripple has already made substantial progress in its global expansion efforts, prioritizing regions with regulatory clarity, including the UK, Dubai, Europe, Singapore and the Middle East.

Notably, Monica Long, Ripple’s President, revealed last year that the firm was ready to make a comeback in the trillion-dollar U.S. market following the July 2023 ruling by Judge Analisa Torres, declaring a partial victory for Ripple in the SEC vs Ripple case, determining that XRP, Ripple’s native token, is not necessarily a security. Ripple’s General Counsel, Stuart Alderoty, also stated that they were conducting talks with U.S. banks about using Ripple’s On-Demand Liquidity (ODL) product, which utilizes XRP for money transfers.

It shall be recalled that in November, anticipating increased interest from American financial institutions, Ripple introduced ‘Ripple Payments.‘ This product ensures a seamless cross-border payment solution, providing businesses with accessible blockchain infrastructure for swift and efficient transactions.

That said, for the crypto community, Ripple’s re-engagement with the U.S. market, where it was initially founded, could act as a bullish catalyst for Ripple’s ecosystem growth and XRP’s price recovery.

Related posts

XRP Falls Over 5% As Ripple Chairman Chris Larsen Falls Victim To $113 Million Hack

Ondrej Simon

Cardano’s Charles Hoskinson Warns of Centralization Risks in the Crypto Industry

Ondrej Simon

Hacker Loots Over $691,000 After Compromising Vitalik Buterin’s X Account

Ondrej Simon