- The US Securities and Exchange Commission has recently submitted a notice to appeal the final judgment made by a New York federal court regarding the Ripple case.
- Despite the ongoing legal battle with the US securities regulator, Ripple is making strides by establishing significant international partnerships.
Ripple has successfully navigated challenges and continues to secure remarkable global partnerships, even as it prepares to engage with the US Securities and Exchange Commission once more. The company recently formed a partnership with Mercado Bitcoin, one of Brazil’s largest cryptocurrency exchanges, and has received a license in Dubai as the inaugural blockchain cross-border payment service provider.
Ripple and Mercado Bitcoin Team Up To Enhance Cross-Border Payments
In a Thursday press release, Ripple revealed its collaboration with Mercado Bitcoin, the largest crypto exchange in Brazil and Latin America. This exchange will utilize Ripple’s hybrid payment solution to provide faster, cost-effective, secure, and more efficient cross-border payment options for its clients.
Ripple noted that this new collaboration will build on last year’s enhancements that allow the platform to “manage payments end-to-end for customers.” The partnership will initially improve Mercado Bitcoin’s treasury operations, linking Brazil with its neighboring Portugal, while also preparing to facilitate cross-border transactions between the exchange’s retail and institutional clients in the future.
“We’re excited to partner with Mercado Bitcoin, a leader in the crypto space with over a decade of experience in delivering tokenized services in Brazil,” stated Silvio Pegado, Managing Director at Ripple Latin America.
Ripple Secures Dubai Financial Services Authority (DFSA) License
On Tuesday, Ripple also secured an “in-principle” license from the DFSA (Dubai Financial Services Authority). This achievement grants Ripple a new regulatory status in the United Arab Emirates, allowing it to provide quick and efficient cross-border payment solutions in the region.
Among its payment solutions is RPD (Ripple Payments Direct), which facilitates direct financial arrangements with Ripple for cross-border fiat transactions. Through this service, Ripple manages payment deliveries to beneficiaries, transaction charges, and more.
Additionally, the approval for Ripple’s comprehensive payment services in the UAE signals its entry into the broader Middle Eastern market and signifies its expanding global impact.
“The UAE’s progressive regulatory framework and clear guidelines for innovative companies seeking to invest and grow position it as a global leader in this new phase of financial technology,” remarked Ripple CEO Brad Garlinghouse.
Ripple Remains Unfazed by SEC’s Motion to Appeal
The US Securities and Exchange Commission submitted a notice on Wednesday to appeal NY Southern District Judge Analisa Torres’ final judgment concerning the Ripple case. In their brief, the SEC aims to contest the August 7 ruling, wherein the court imposed a $125 million fine on Ripple, a fraction of the $2 billion penalty the regulator initially sought.
In light of this development, Ripple’s senior executives have voiced their determination to confront the regulator directly. Ripple CEO Garlinghouse described the appeal as “misguided – and frustrating,” while reaffirming XRP’s classification as a non-security.
The SEC has yet to file its Form C, outlining “the specifics of their appeal” with the US Appellate Court, according to Fox’s Eleanor Terrett. The Commission is expected to submit the Form C shortly since Ripple has less than 14 days to file a counter-appeal.
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