EXPERTS SOUTH AFRICA Ripple expands payments offering to Africa amid US regulatory pressure 3 weeks ago Samuel Post Views: 124 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 ONLINE SOUTH AFRICA Why some players play the crypto game 20 hours ago Szarlot EXPERTS UGANDA Sports Betting East Africa+ Summit in 2003 23 hours ago Iwo Bulski BETTING SOUTH AFRICA How soccer has the potential to transform Africa’s landscape 23 hours ago Samuel CASINO SOUTH AFRICA The party goes on at The Palace Sun City 2 days ago Samuel EXPERTS WORLD NEWS The History and Benefits of the New Technology 3 days ago Szarlot LOTTERIES SOUTH AFRICA Lottoland brings the excitement of the Spanish Christmas Draw to South Africans! 3 days ago Iwo Bulski EXPERTS NIGERIA We support digital assets, not ‘crypto,’ – says SEC 4 days ago Samuel EXPERTS UGANDA Has Uganda successfully dealt with its Ebola endemic? 4 days ago Samuel EXPERTS GHANA Prevalence, predictors and consequences of gambling on children in Ghana 4 days ago Iwo Bulski EXPERTS SOUTH AFRICA South Africa starts regulating cryptocurrency exchanges 7 days ago Samuel EXPERTS GHANA TransferGo expands money transfer service to Africa 7 days ago Samuel LOTTERIES SOUTH AFRICA Final call for R7.5m Powerball jackpot winner 7 days 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.