Ripple Announces expansion in Europe through this partnership

Paigambar Mohan Raj
Source: Schengen Visa

Ripple has established itself as a popular cryptocurrency for cross-border payments. RippleNet’s On-Demand Liquidity (ODL) service has established a partnership with FINCI of Lithuania to deliver retail remittances and B2B payments. Customers of FINCI may now conduct smooth payments between Europe and Mexico, according to a Ripple press release.

RippleNet’s ODL delivers crypto-enabled international payments, whereas FINCI is an online cross-border money transfer service. ODL uses worldwide crypto liquidity to provide enterprise-grade cross-border payment solutions to its customers.

FINCI’s Chief, Mihails Kuznecovs, said,

“We’re excited to be working with Ripple to make it easier for FINCI customers to move money around the world. We share the same fundamental goal of removing the hidden inefficiencies affecting international payments. What’s more, the savings and operational improvements we’ll achieve by using Ripple’s ODL will allow us to put money back into the business and enhance our offering to our customers.”

Consumers and businesses will be able to make real-time payments, such as remittances and fund transfers, faster, more reliably, and at a cheaper cost thanks to the merger of Ripple and FINCI.

Sendi Young, Ripple’s Managing Director for Europe, said

“We’re delighted that FINCI is our latest ODL deployment in Europe and are looking forward to soon announcing additional European partners who are preparing for a crypto-enabled future.”

Lithuania is regarded as one of Europe’s most crypto-friendly countries. It was also the first in the region to create a CBDC.

Ripple vs the SEC

Ripple has been in a fix with its ongoing lawsuit with the SEC. The SEC has accused Ripple of raising $1.3 billion through unregistered sales of XRP. The case has been ongoing since December of 2020, and many are accusing the SEC of deliberately delaying the lawsuit. However, CEO Brad Garlinghouse predicted that the litigation will be settled this year.

In a recent development, the US Securities and Exchange Commission’s (SEC) unsatisfactory replies to Ripple Defendants’ Fourth Set of Requests for Admissions have been the subject of a ‘Motion to Compel.’ Attorney Jeremy Hogan tweeted that this move reminded him of the moment they discovered SEC officials had purchased and traded XRP up to March 2019.

At press time XRP was trading at $0.404542, down by 5.3% in the last 24 hours, and down by 47.3% in the last 30 days. Additionally, XRP is 88.1% down from its all-time high of $3.40, which it attained in January of 2018.