Ripple signs partnership deal with FomoPay to aid treasury management

Updated: 28 July 2022

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Leading crypto solutions provider, Ripple, recently signed a partnership deal with a Singapore-based payment platform FOMOPay. Ripple announced this development through a press release. As revealed, the partnership will enable FOMOPay to explore the On-Demand Liquidity technology of Ripple in carrying out its operation.

Additionally, FOMOPay will now enjoy continuous access to liquidity for the U.S dollar and Euro, courtesy of the partnership. Before this development, effecting satisfactory and fast transactions was usually challenging. According to reports, such processes typically take days for funds to reach destination accounts. The Chief Executive Officer with FOMOPay, Louis Liu, confirmed that the partnership with Ripple would end such experiences.

Reacting to the development, the managing director and financial technology expert of Ripple Labs, Brooks Entwistle, stated the partnership was necessitated by the prevailing trends in the crypto sphere. According to Brooks, the Asia-Pacific region is known for its lack of suitable payment mechanisms. He added that the deal would put an end to such inadequacies.

Additionally, this partnership deal is coming amidst the ongoing legal tussle between the crypto solution provider and the U.S. SEC. Reportedly, the legal proceedings with the regulator started in mid-2020. As revealed, the crypto solutions provider was indicted for raking over $1.3 billion through selling unlicensed securities to investors.

The US regulator instituted a legal filing against Ripple and some of its management executives. Reportedly, the protocol responded by challenging the filing, stressing SEC had no power to trail its activities.

Recently, the two-year-long case took another dimension after a U.S court ordered the release of the “Hinman speech” by the SEC. The court slammed the SEC for covering up a speech document capable of aiding Ripple’s defence. Now, it seems the proceeding is gradually swinging in favour of Ripple.

However, the legal proceedings and the prevalent market conditions have not restrained Ripple from indulging in partnership deals with numerous firms. Similarly, there has been a tremendous increase in the list of firms operating their ODL tech. Firm currently using Ripple’s ODL tech includes FlashFX, Novatti, and iRemit.

According to CoinMarketCap, the Ripple token, XRP, is currently worth USD 0.331688 with a 24-hour trading volume of $1,139,788,193. The XRP, Ripple’s native token, usually serves as an intermediate exchange mechanism between two coins or networks.