EXPERTS SOUTH AFRICA Ripple expands payments offering to Africa amid US regulatory pressure 7 months ago Samuel Post Views: 303 Crypto firm Ripple Labs is to expand its cross border payments offering to Africa as it seeks to expand its global footprint in the face of US regulatory pressure. The firm, whose cryptocurrency XRP is the seventh-largest in the world by market capitalisation, said it is going into partnership with payments firm MFS Africa, which operates across 35 countries on the continent. MFS Africa will use Ripple’s on-demand liquidity product — known as ODL, which relies on XRP to support cross-border payments such as remittances — to help carry out transactions on its platform. Brooks Entwistle, senior vice president of global customer success, told Financial News the move gives “a significant additional leg to the geography” of Ripple’s payments network. The expansion comes as a lawsuit continues to rage back home in the US for Ripple. The Securities and Exchange Commission is suing the firm for selling XRP as an unregistered security. The suit, which is worth $1.3bn, effectively represents an argument over whether XRP should be classed as a commodity or a security. Ripple argues the former, while the SEC thinks the latter. Entwistle said there was “no question” that the uncertainty from the case had sped up the company’s push into new regions such as Africa. “The business itself has grown dramatically outside the US in these last 18-to-20 months,” – he said. Meanwhile, he added that the recent collapse of crypto exchange FTX, which has sent shockwaves through both the crypto industry and traditional finance, would hit everyone in the digital assets world – even companies that focus on payments solutions like Ripple. Source: fnlondon.com About Post Author Samuel I am a journalist specializing in gambling in Africa and around the world. I am particularly interested in stories about games and casinos. See author's posts SamuelI am a journalist specializing in gambling in Africa and around the world. I am particularly interested in stories about games and casinos. Facebook Twitter LinkedIn Email Print Tags: crypto, MFS Africa, Ripple Labs Continue Reading Previous Wisani Ngobeni fights for his job, wants resignation declared invalidNext How Kenya’s InstaSend helps you build secure, scalable fintech products faster More Stories CASINO SOUTH AFRICA Ways to Have the Best Jackpot when You’re Playing the Best Casino Game 3 days ago Samuel EXPERTS KENYA Kenya Kwanza MPs To Defend Ruto’s Fiscal Reform Agenda 3 days ago Samuel EXPERTS GHANA Convenient Payment Methods for Ghanaian Online Casino Enthusiasts 3 days ago Szarlot EXPERTS SOUTH AFRICA Animal Welfare Organisations Celebrate Resumption of Lottery Funding 5 days ago Szarlot EXPERTS KENYA MOA opposed to 15pc excise duty on alcohol, gambling ads 6 days ago Szarlot EXPERTS WORLD NEWS How has the gaming industry changed in 2023? 7 days ago Iwo Bulski EXPERTS UGANDA Online gambling firms accused of exploiting lucrative African markets 7 days ago Samuel ONLINE SOUTH AFRICA Overview of online casino regulations in African governments 7 days ago Szarlot HOT NEWS ONLINE SOUTH AFRICA MultiChoice betting big on gambling and new payment platform in South Africa 7 days ago Szarlot CASINO SOUTH AFRICA Biggest casino operator Tsogo Sun ups stake in hotel chain 1 week ago Szarlot EXPERTS KENYA IMF staff agree to expand credit for cash-strapped Kenya by $1 bn 2 weeks ago Iwo Bulski EXPERTS RWANDA dLocal secures payment service licence for Kenya and Rwanda 2 weeks ago Szarlot Leave a Reply Cancel replyYour email address will not be published. Required fields are marked *Comment * Name * Email * Website Save my name, email, and website in this browser for the next time I comment. Δ This site uses Akismet to reduce spam. Learn how your comment data is processed.