TL;DR
- Ripple Expands: Partners with Onafriq to establish payment corridors in 27 African countries, using blockchain for efficient remittances and payments.
- XRP Approved in MEASA: Gains approval from Dubai Financial Services Authority, potentially extending its reach to 72 countries in the Middle East, Africa, and South Asia.
- Ripple Against SEC: Despite U.S. regulatory hurdles, Ripple’s growth continues; CEO Brad Garlinghouse is prepared to escalate legal battles if necessary.
Ripple Expanding Across Africa
Ripple is broadening its Ripple Payments service outside the U.S., including to numerous European countries as well as the Middle East and Africa despite ongoing regulatory challenges. In a recent move, Ripple partnered with Onafriq, a mobile payments provider. Through this partnership, Onafriq will leverage Ripple Payments’ blockchain technology to create new corridors between 27 African countries, the U.K., Australia, and the Gulf Cooperation Council (GCC). This collaboration with three other companies will enable individuals across these regions to conduct low-cost and high-speed remittances and business payments via Onafriq’s pan-African network.
XRP Approval in MEASA Region
Dubai Financial Services Authority (DFSA) has given the green light for XRP’s use within the Dubai International Financial Centre (DIFC), which is a key financial hub in the Middle East. This approval implies that licensed crypto businesses within the DIFC can incorporate XRP into their digital asset services. Ripple’s CEO Brad Garlinghouse aims to focus more on this region due to its conducive regulatory environment for crypto innovation. The significance of this approval extends beyond Dubai as DIFC is a major financial hub not only in the Middle East but also across the MEASA region —the Middle East, Africa, and South Asia. This means that XRP could potentially be utilized as a payment service in up to 72 countries within this region with a combined nominal GDP of over $8 trillion.
Ripple’s Steadfastness Amid Regulatory Challenges
Amidst challenging regulatory conditions in the U.S., Ripple is expanding its operations globally. According to CEO Brad Garlinghouse, other countries offer more favorable frameworks for cryptocurrency companies compared to the hostile environment faced by crypto entrepreneurs and businesses in the U.S. In an interview at D.C. Fintech Week 2023, Garlinghouse expressed readiness to take the case to the Supreme Court if the SEC appeals should Ripple win its trial scheduled for April 2024.
Hot Take: Ripple’s Global Expansion Amid Regulatory Battles
Ripple’s strategic partnerships with Onafriq and gaining approval from DFSA are pivotal milestones that cement its global expansion plans amid regulatory challenges. The company’s growth across multiple regions demonstrates resilience and determination despite facing legal hurdles in its home country. As Ripple navigates through complex regulatory landscapes worldwide, it continues to forge ahead with innovative solutions for efficient cross-border payments and remittances.
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