With eyes on cross-border payments, Ripple is trying to get comfortable with UK regulators. The firm behind XRP wants intends to partner with Modulr, a neo-bank that has access to Bank of England settlement services. Ripple and the London-based establishment plan to offer technology to enable fast, cheap cross-border fiat transactions into Europe from across the world.
Sendi Young, the managing director for RippleNet Europe, told CityA.M that they are looking to solve a very specific problem in the market. Ripple wants to work with the system including ecosystem partners, governments, and regulators.
However, the company remains embroiled in a legal battle with the US’s SEC for issuing XRP. The SEC is suing Ripple and the company’s two executives for $1.3 billion. Ripple has been alleged of selling XRP illegally as an unregistered security. Ripple has highlighted the fact that the company was not given fair notice that XRP would be classed differently to fellow cryptocurrencies Bitcoin and Ether. This case has got the attention of the crypto market as their future depends on it.
Meanwhile, Ripple has been expanding and branching its capabilities to cross-border payments technology – RippleNet. Young described the Bank of England as a friend. He said the company is working closely with central banks and government regulators around the world. Young pointed out that Ripple has secured partnerships with the central banks of Bhutan and Palau. The company will help them develop their very own central bank digital currencies (CBDC). And now, it’s very keen to make inroads in England.
Young says Ripple holds regular meetings and discussions and hoping for the best.
