The latest ripple news spread from the projected relocation to London to investing in MoneyTap to drive XRP’s price. In addition, details have emerged of how, three years ago, an individual blackmailed Ripple Labs, the team behind XRP, in an attempt to receive XRP coins worth 1.1 million US dollars illegally.
Here is the latest ripple news:
Ripple Considers Relocating to London from the United States due to Harsh Regulations
As reported by CNBC, Ripple, which is worth roughly $10 billion, finds the cryptocurrency regulatory space in the US unfavorable. Consequently, it’s contemplating shifting its base from the US to the UK.
According to Brad Garlinghouse, Ripple’s CEO, the UK financial watchdog, Financial Conduct Authority (FCA), does not see XRP as a security, thereby easing the coin’s regulatory burden. In its current home, the XRP coin is considered a security, which has led to legal fights with regulators.
Apart from the UK, Ripple is also weighing on working from either Japan, Switzerland, UAE, or Singapore.
MoneyGram Still Receives Millions from Ripple to Develop the Market
Recently, MoneyGram posted its financial report for the 3rd quarter of 2020. From the report, investments from Ripple stand out. For example, in the last three months, the financial firm received $9.3 million from the crypto firm.
Notably, Ripple also pumped $15.1 million in MoneyGram in the previous quarter. The crypto firm transferred $16.6 million in the first quarter of 2020. According to MoneyGram, the amount consists of the fees charged for providing liquidity to facilitate XRP-based transactions.
Note that Ripple uses its ODL (On-Demand Liquidity) system for such activities. Last year, MoneyGram received $50 million from the cryptocurrency company as an investment.
FBI looks into Ripple’s Extortion Claims Involving Incriminating Videos
Another Ripple news involves the FBI. The feds has been investigating an anonymous email sent to Ripple in 2017. According to the latest Ripple news on Coindesk, the email was meant to harass Ripple into sending 5 million of its native cryptocurrency, XRP, or else the sender will release incriminating videos about Ripple.
Through its offices in Australia, Canberra, and San Francisco, the FBI concluded its investigations that took approximately one year, from October 2017 to March 2018.
According to Coindesk, the case was closed after it became hard to unmask the anonymous sender by relying on only an email and IP addresses from internet service providers. However, it’s not clear if Ripple paid the extortionist. The digital currency firm also failed to comment on the existence or nature of the said incriminating footage.
Ripple Enables Buying XRP on Credit and Paying a Commission
However, the latest Ripple news among all is that the company is branching to lending through a dedicated credit line. Through a product called Line of Credit, the firm seeks to serve those on its ODL platform.
Notably, the lending platform is meant to provide funds to upcoming and semi-established companies to access credit that can be used to prop their businesses and compete with established entities. Line of Credit will allow ODL users to borrow XRP on credit and pay a commission on the borrowed amount.
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