RippleNet is a subsidiary of Ripple Labs that is focused on institutional payment services. A new blog post broke the news that Sendi Young is the latest person to join the Ripple family. Young is a former MasterCard executive who has been serving in senior positions at the fintech giant for five years. Her main area of expertise was commercialization, extending banking partnerships, and filling in the seat for strategic leadership.
Young would be serving as the Managing Director for the Europe section. It is a bid to improve upon the RippleNet financial network and find more collaboration partners like banks and financial firms. RippleNet depends on On-demand liquidity (ODL services) deployment through XRP tokens. Young opines that blockchain technology needs more research and expansion for fixing the inefficiencies of traditional financial services.
For ODL and RippleNet, the European market presents considerable growth over the years. The new blog post states that Europe has the position of being a critical market. About one-fourth of the total consumer base for Ripple is based in the region. For 2021, the year-to-date ODL transactions have already grown 250% for European users compared to last year.
The blog post states that a 40% YTD increase is a sign of high approval ratings for the service. The primary cause of the popularity is that RippleNet deploys a single API for connecting hundreds of fintech organizations around the globe. This method ensures that the users can get access to a cheaper and more resilient way of moving money.
Ripple Labs lawsuit Settlement could Send the Price of the Native Altcoin to Moon
Ripple Labs has postulated time and again in the court that XRP is an independent trade commodity that should be connected with XRP Ledger. SEC has filed a lawsuit against Ripple executives for violating the securities laws of the United States. The case is still going on in the court, and SEC has successfully extended the case for a few weeks in lieu of discovery.
According to crypto market analysts, if the SEC is to fold the case and accept a settlement, the XRP price would get a jump start. At present, Ripple is dumping tokens in the market in huge quantities.