Nium, a Ripple customer, is in negotiations with Ripple to make a $400 million purchase to accelerate further development in Europe.
Expansion of Nium remittance service and Ripple
Nium is a Singaporean financial services business which uses Ripple’s blockchain technology to facilitate remittances in the Philippines and Mexico corridor. Nium is the first company in the Asia-Pacific (APAC) region which offers remittance corridors from North and South America to numerous Southeast Asian nations using Ripplenet. Nium’s presence in Singapore, Australia, and Malaysia has also grown as a result of additional network connections. Similarly, Ripple is expanding throughout the Asia Pacific region.
As per the information, Ripple is targeting South Korea as its target in 2022. According to Rahul Advani, who is the current head of Ripple’s APAC policy, Ripple is very interested in the Korean market and the pending Ripple-SEC (U.S. Securities and Exchange Commission) case has no implications on Ripple’s remittance technology, notably On-Demand Liquidity (ODL).
Development in Ripple SEC case
Recently, Judge Analisa Torres of the United States District Court for the Southern District of New York has established a hearing schedule for the Ripple-SEC case in a judgement. The judgement informs that all motions excluding expert witnesses would be fully briefed by the end of August. Any summary judgement motions must be submitted before September 2022. Ripple and the Securities and Exchange Commission will have about a month to file their objections and motions.
On April 29, both the parties submitted consent to the commonly proposed timetable to the court.
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