YEREVAN (CoinChapter.com) – Blockchain startup Ripple, sued by the Securities and Exchange Commission (SEC) in 2020, partnered with leading Asian cross-border payment company Tranglo to extend Ripple’s global payment network to the United Arab Emirates (UAE), the second-largest Arab economy.
Tranglo is Ripple’s long-time partner and offers enhanced cross-border payout services in 120 countries. It also includes 650 mobile operators, 2,200 banks/wallets, and 140,000 cash pickup points through RippleNet. Additionally, its latest solution for the United Arab Emirates will offer businesses instant settlements, low-cost transactions, etc.
Meanwhile, UAE could be a fruitful region for Ripple, as it is considered the second-largest economy in the Arab Gulf. The country is also among the top remittance nations in the world. UAE recorded a whopping $6.78 billion and $42.7 billion in remittance inflows and outflows, respectively.
However, Ripple’s ongoing lawsuit could damper the possibility of new partnerships.
SEC vs. Ripple continues
The latest developments in the case saw the SEC turning in a request to file one omnibus reply in further support of its Motion to Exclude the Testimony of Defendants’ Expert Witnesses.
The Motion seeks to exclude or limit the testimony of ten experts retained by Ripple Labs, Inc., and/or individual defendants Christian A. Larsen and Bradley Garlinghouse.
specified the document.
Notably, the witnesses in question are technical experts versed in cryptocurrency and blockchain technologies. However, by filing the aforementioned motion, the SEC argues that the Judge shouldn’t consider all of those witness testimonies.
The Twitter response was instant, as some users commented they
I’m not concerned about the SEC’s move to exclude all 10 Ripple experts. It’s what the SEC would try to do. Ripple is well resourced and chose good attorneys, and it’s very difficult to believe Ripple and those attorneys are so remiss to choose 10 experts who would all be excluded.
read the tweet
As CoinChapter reported earlier, the prosecution worked several angles to prove that Ripple sold XRP tokens as unregistered securities in its ICO and thus is in violation of U.S. investment law. As the lawsuit drags on, the outcome is nowhere in sight, despite chief executive Garlinghouse’s assurance that he’s “positive” about his company’s eventual win.
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