Ripple 
$0.511683Mercado Bitcoin, Brazil’s largest crypto exchange 
$60,521 formed a partnership with. This cooperation aims to overcome the obstacle posed by the US government. On the other hand, Ripple continues its legal fight with the US Securities and Exchange Commission (SEC).
Legal Process with SEC
The SEC filed an appeal seeking to reverse the decision made by judge Analisa Torres on October 2. According to the decision announced in July of this year, secondary market sales of XRP did not constitute a securities transaction. Judge Torres stated that XRP is a crypto asset and does not meet all the criteria of the SEC’s Howey test. Secondary market sales include sales from stock exchanges to individual investors. Still, the court fined corporates $125 million for the sale, a 94 percent discount from the penalty requested by the SEC.
Ripple decided to expand its business to Latin American countries. In the latest announcement, the company announced that Mercado Bitcoin is leveraging Ripple’s services to strengthen domestic treasury operations between Brazil and Portugal. This collaboration makes Mercado Bitcoin the first institutional user of enterprise-focused payment solutions in Latin America.
New Products and Future Plans
Ripple Labs CEO Brad Garlinghouse announced that the US dollar-indexed stablecoin RLUSD will be launched soon. Garlinghouse said, “Not weeks, not months,” and said that the stablecoin will first start in the USA and then expand internationally. Underlining that Ripple is advancing the process in communication with US regulators, Ripple CEO is determined to play the game by the rules.
“Ripple Payments will offer unique capabilities for crypto businesses that streamline operations, optimize liquidity, and improve margins with a real-time payment solution.”
Mercado Bitcoin’s Head of Banking, Jordan Abud, stated that this partnership is an opportunity for the exchange to expand its services and go global. The fact that the company started operations in Brazil in 2019 and launched the Brazil Fund to support the development of the XRP Ledger shows that the country is a familiar market for the company.
Ripple’s strategic moves in Latin America are supported by high adoption rates and increasing financial inclusion in the region. The company’s decentralized financial solutions are driving crypto innovation in the region.
Ripple’s expansion in Brazil is seen as part of the company’s growth strategy despite the ongoing legal process with the SEC. This collaboration helps Ripple strengthen its position in the global market.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
