The Latest Ripple News for This Week (Major Decisions)
The latest ripple news spread from the projected relocation to London to investing in MoneyTap to drive XRP’s price. In addition, details have emerged of how, three years ago, an individual blackmailed Ripple Labs, the team behind XRP, in an attempt to receive XRP coins worth 1.1 million US dollars illegally.
Here is the latest ripple news:
Ripple Considers Relocating to London from the United States due to Harsh Regulations
As reported by CNBC, Ripple, which is worth roughly $10 billion, finds the cryptocurrency regulatory space in the US unfavorable. Consequently, it’s contemplating shifting its base from the US to the UK.
According to Brad Garlinghouse, Ripple’s CEO, the UK financial watchdog, Financial Conduct Authority (FCA), does not see XRP as a security, thereby easing the coin’s regulatory burden. In its current home, the XRP coin is considered a security, which has led to legal fights with regulators.
Apart from the UK, Ripple is also weighing on working from either Japan, Switzerland, UAE, or Singapore.
MoneyGram Still Receives Millions from Ripple to Develop the Market
Recently, MoneyGram posted its financial report for the 3rd quarter of 2020. From the report, investments from Ripple stand out. For example, in the last three months, the financial firm received $9.3 million from the crypto firm.
Notably, Ripple also pumped $15.1 million in MoneyGram in the previous quarter. The crypto firm transferred $16.6 million in the first quarter of 2020. According to MoneyGram, the amount consists of the fees charged for providing liquidity to facilitate XRP-based transactions.
Note that Ripple uses its ODL (On-Demand Liquidity) system for such activities. Last year, MoneyGram received $50 million from the cryptocurrency company as an investment.
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