Ripple Is Thriving In South Korea Amid Its Legal Woes

News / 26.01.2021

Crypto data aggregator and research platform, Messari said that BTC & XRP are South Korea’s most famous holdings.  The research derives its data from Bithumb, Coinone, and Corbit from the financial year 2019. 

Ripple, the San Francisco-based blockchain service provider, has had a record-breaking 2020 with significant RippleNet transactions growth. The technology firm also reported the signing of 15 new RippleNet customers to close out 2020 despite the SEC’s lawsuit.

Ripple’s CEO, Brad Garlinghouse, recently said  RippleX has now reached more than 12 million users worldwide through XRP Ledger (XRPL), Interledger Protocol, and Ripple’s partners.

Five-Fold Volume Growth

Garlinghouse noted that the company has been lucky enough to hire in every quarter of 2020 to expand its global relations with the addition of top talent to Ripple’s leadership team. He also mentioned the growing interest of international customers and developers for RippleNet and RippleX.

Ripple recently announced that RippleNet had a banner year as the figures kept rising. In 2020 alone, they processed almost 3 million transactions over RippleNet, about 5X volume growth compared to 2019.

On-Demand Liquidity continues to scale as they see 12x year over year growth while dealings in 2020 had a notional value of $2.4B. Customer interest globally has risen significantly, as they continued to close new customer deals at a rate of 2 per week, across more than 40 countries, 18 of which are unique to RippleNet.

SEC’s Lawsuit

Despite its legal woes with the U.S. SEC, Ripple continues to progress and add new partners.

On Dec 22nd, the SEC announced filing an action against Ripple Labs Inc. and two of its executives, alleging that they raised over $1.3 billion through an unregistered, ongoing digital asset securities offering. Immediately after the allegations, former SEC Chairman Jay Clayton resigned.

The SEC considers XRP unregistered security; still, its sale is progressive. The regulator contends that Ripple established an information vacuum with the company and the two insiders having significant control. The SEC added that Larsen and Garlinghouse used it to sell XRP into a market that possessed only the information that the defendants chose to share.

Garlinghouse tweeted that the San Francisco-based firm is ready to fight the suit. He added that it is an attack on the entire crypto industry and American innovation.

Inflation

A few weeks ago, Messari indicated that Ripple’s circulating supply (XRP) inflation rate is coming up to 20% for the latest financial year. Highest among the large-cap crypto assets, it is five times that of Bitcoin’s (BTC).

Kyle Samani of Multicoin Capital said the company had been increasing its sales of XRP steadily, likely inflicting downward price pressure. 

However, the company’s executives maintained that it is the largest owner, and they are the most interested party in the triumph of the XRP ecosystem. He added that Ripple couldn’t control the price of XRP anymore than a whale controls the price of Bitcoin.

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Kyle is a tech lover and a huge fan of Satoshi. He has a passion for cryptocurrency and the splendid technology behind it all - the blockchain. He could sound gullible, but he believes bitcoin will hit 100k before the next halving.