Ripple Payments returns to US after a three-year hiatus
Ripple Payments returns to US after a three-year hiatus
Ripple Payments is ready to launch services in the US after a temporary absence from the region. This comes amid an ongoing legal standoff with the Securities and Exchange Commission (SEC).
Ripple has been offering payment services outside of the United States all along but is now ready to unveil its revamped product.
Ripple Payments has announced a new update in January that deals with expansion and growth. This was announced on LinkedIn by W. Oliver Segovia, Senior Director and Head of Product Marketing Payments at Ripple.
The company's product updates are related to the acquisition of money transfer licenses (MTLs) covering most US states.
Ripple has also reported hiring in various offices around the world, which CoinGape said indicates confidence in a positive outcome to the legal standoff with the SEC and the company's desire to expand.
The company has not offered payment services in the US for three years, and 90% of Ripple's business is international. Ripple has also previously reported that it is willing to consider IPO options outside of the US, as the SEC is hindering the company's progress and Ripple has given up on an IPO on US exchanges in the near future.
As Ripple refocuses on other regions and moves most of its operations to other countries, the fact that Ripple Payments is preparing to launch its product in the US becomes much more significant. This could be a big comeback for the crypto company.
It's worth noting that the legal standoff between Ripple and the SEC hasn't reached a conclusion yet, with both companies sending lawsuits to the courts and contradicting each other's statements. Specifically, on January 25, Ripple filed a lawsuit seeking to correct inaccuracies in the SEC report.
Ripple also disagrees with the SEC's assertion that it failed to process contract filings after the complaint was filed. The company called it difficult to comply with the SEC's request and said it would require a new legal process.
Ripple also faced a significant breach that targeted the account of its CEO, Chris Larsen. The hack resulted in the theft of 213 million XRP tokens worth $120 million. This led to a 4% drop in the value of XRP.
Ripple CEO Brad Garlinghouse clarified that user wallets on the platform are safe and there is no threat. Garlinghouse tried to reassure community members and explain how the security system works.
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