Payments companies are rapidly taking advantage of Ripple, a fast-growing payment platform that offers secure payment options, as investors increasingly hold onto its token amid growing geopolitical uncertainty and the rise of the dollar.
iRemit, a non-bank remittance provider that uses Ripple’s Open Digital Ledger for remittances from Australia to the Philippines, recently announced a partnership with Velo Labs to tap into the $34 billion cross-border payments market. in the Phillippines.
Novatti Group joined RippleNet’s On-Demand Liquidity (ODL) service last year to make cross-border payments using the digital asset XRP.
Through a partnership with iRemit, the largest Filipino-owned non-bank remittance provider, Ripple and Novatti first targeted the Australia-Philippines corridor
Therefore, the price of the token at the time of writing was $0.814657 and its volume was $2 billion per day. XRP, however, posted a weekly loss of more than 5% as the strong dollar hinders its gains
That’s why it’s happening
- Asia-Pacific countries are leading the way in instant payments through digital banking solutions, according to the crypto giant. By experimenting and innovating to better facilitate cross-border and domestic instant payments, they are reinforcing the region’s importance and leadership in the payments industry.
- Digital banking has grown to dominate the APAC region in recent years, with 20% of the world’s nearly 250 digital banks located there.
- Additionally, the growing adoption of smartphones within APAC has opened the market for the launch of new apps that enable instant payments. Consumers and businesses will be looking for real-time payments as smartphone usage in the region reaches 83% by 2025.
Likely outcome of Ripple’s legal battle
- A deal could be reached by the end of April, according to a number of legal experts. The developers of XRP are widely believed to have the upper hand in a potential trial, suggesting that the SEC might agree to settle.
- There are several reasons to believe a settlement could be reached as early as this month, although no date has been set in stone.
- According to the SEC filing, Ripple is expected to pay US$1.3 billion plus interest, i.e. the proceeds from the XRP coin offering plus a bit more. In the event that both parties agree, the amount will likely be much smaller than that. A compromise is often expected between the two parties in settlements.
- Moreover, many experts believe that Ripple will win in the preliminary hearings that are currently taking place. As proof that a Ripple lawsuit will be successful, they often point to Ripple’s victories over depositions and witnesses.
- With Ripple’s “leverage” on the SEC, it would seem likely that a relatively small fee would be settled between the two parties.
That being said, the Ripple Labs team is working on improving the user experience. It is constantly working on improving its blockchain as well as recruiting banks to use its payment network.