Ripple had an eventful month, filled with announcements, developments and a lot of FUD. Mainly, the Ripple community saw the launch of updated versions of existing products, community interaction, and lots and lots of partnerships.
Ripple announced the revival of their smart contract platform Codius a couple of weeks ago. The platform comes with the support of decentralized apps, which is a very lucrative offer with Ripple’s payment solutions.
Ripple Labs faced a lawsuit from a disgruntled investor earlier this month, filed in the Superior Court of California. It was filed on the grounds that Ripple’s XRP asset is an non-compliant security under US security laws, apparently “on behalf of XRP investors”. The XRP army on Twitter lashed back at the plaintiff Ryan Coffey, threatening a countersuit, saying:
“If the price of XRP drops after this, maybe current XRP holders can launch a class action against this group?”
The XRP token took a hit after rumors last week that the SEC would take action on the cryptocurrency’s status as a security. This was arguably a FUD, and the price of the token took a hit as everyone started selling. After the weekend was up, it became clear that there was no scheduled hearing.
Ripple had a lot of partnerships announced this month. Starting it off this month was the adoption of RippleNet by BankDhofar, an Oman financial institution. Standard Chartered, an existing partner of Ripple, announced that they would use the network more widely. The Saudi Arabian government’s partnership with Ripple also made headlines a couple of weeks ago.
Cryptocurrency exchange platform Coinone joined RippleNet as they used xCurrent as a base for their product ‘Cross’, which is a remittance service to transfer funds across Southeast Asia.
The peer-to-peer network powering the RippleNet was recently updated to get out of its beta stage. Rippled, which is the name of the network in question, got its 1.0.0 release earlier this week. This signifies that the product is ready for launch which is a significant step in the progress of the network. This also marks that the xRapid product is ready for market.
The results for the pilots of the xRapid product were released last week, with a claimed savings of 40-70%. The transactions reportedly occurred in 2-3 minutes, which is a huge improvement compared to other technologies. The companies that participated showed a ‘delighted’ response to the pilot program.
On the community side of things, they saw involvement in the community-led program for the creation of the XRP logo. The need for the logo was that there was a distinction to be made between Ripple as a company and the XRP token. They are very different in nature, and the company has also come under fire in the past for reportedly falsifying claims of XRP’s properties to raise its value. The community showed the initiative to create the logo and submitted many through Reddit and Twitter.
Another significant event for the community was the Ripple community night, with a live performance by famous rapper Snoop Dogg. The event was dedicated to thanking those who helped the company develop the XRP Ledger and those “spreading the good word”.
Ripple also announced their new initiative for startups called Xpring. Through the program, Ripple aims to incubate, acquire and provide grants to companies and projects. One of the products that the Xpring initiative gave support to is Coil, a company started by the CTO of Ripple. Coil aims to provide a service where users will be able to support creators, bypass paywalls, reduce ads, and ‘unlock additional features’.
At Consensus earlier this week, David Schwartz showed a live demo of the xRapid payment solution for cross-border payments. The payment settled within 2 months, from USD to MXN.
An exciting month for Ripple and its community for sure, as mentioned by user woodaldo on Twitter. He said:
“What’s next #Ripple xRapid go live, big FI’s to sign Xpring – 100’s of apps to utilize #xrp Micropayments – internet pymts like you’ve never seen before Major exchanges – xrp as the base pair Cobalt -supercharging xrp Codius – butt kicking smart contracts Much more.”
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