Three major banks, known worldwide, have classified the popular altcoin project Ripple (XRP) as a digital currency. Banks Goldman Sachs, Wells Fargo and HSBC praised XRP with the words “an opportunity in payments”. Here are the details…
Small victories in the Ripple-SEC case
Recently, Magistrate Judge Sarah Netburn made a decision in favor of Ripple regarding the SEC-Ripple case. The decision was intended to authenticate some of the videos in which senior officials from the SEC were speaking. Accordingly, the judge granted Ripple’s request to submit non-partisan subpoenas to video hosting platforms. At the center of the problem is former SEC official William Hinman. The problem with Hinman was his speech in 2018 stating that Ethereum is a security. In December 2020, the SEC sued Ripple and its two executives. The lawsuit alleges that they raised over $1.3 billion through XRP as an unregistered digital asset security. As Cryptokoin.com reported, the XRP price cannot fully rise due to the SEC-Ripple lawsuit.
“The opportunity is hidden in this altcoin project”
Alongside the videos, the XRP community believes a few posts describing XRP as non-security can help. One of them is HSBC bank which is talking about Ripple along with DLT technology. HSBC cited Ripple as an example while describing DLT technology. According to the bank, Ripple’s XRP ledger supports real-time cross-border transactions. It does this through stablecoins. This is exemplary as it includes most of the features that DLT technology aims to deliver. However, HSBC is not the only bank to praise XRP. Goldman Sachs’ Investment Banking Division has produced a report called “Digital Assets and Blockchain Overview.” The report cites Ripple as an “opportunity in payments” along with Circle and Coinbase. The Goldman Sachs report actually highlights RippleNet. RippleNet is a network of corporate payment providers such as banks and money remittance services using Ripple solutions.
XRP announces a new partnership
Altcoin company Ripple has entered into a partnership to facilitate Japan-Thailand money transfers. Accordingly, the partnership includes starting a new joint project with SBI Remit. SBI Remit is important because it is the largest payment provider in Japan. As part of the project, Ripple and SBI Remit will allow Thais living in Japan to use RippleNet technology. Thus, Thais living in Japan will have the advantage of sending money home instantly. In addition to the bilateral partnership, Siam Commercial Bank represents the Thai side in this venture. According to Ripple’s press release, thanks to the app, more than 47,000 Thais in Japan will be able to send yen to Thailand for free using ATMs. It will also be possible to withdraw funds from Thailand within a second of the transaction. By comparison, such a transaction previously required the involvement of a private agent. However, it was mostly only available in cash.
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