The past year has been an extremely difficult one for the cryptocurrency market. Nevertheless, a number of projects experienced a number of triumphs during it. One of them is Ripple and the XRP token behind the company. Here are five of its biggest successes in 2022!
NFT’s development on the XRP Ledger
The launch of the creators’ fund, worth $250 million, proved to be a milestone in Ripple’s development. This move resulted in the inclusion of as many as 4,000 NFT artists who decided to use the XRP-based blockchain service. Company representatives proudly admit that the fund has provided targeted support for creators, brands and marketplaces so that NFT’s continued growth on XRP Ledger can be achieved. Creative markets and agencies such as NFT PRO, Ethernal Labs and onXRP also participated.
Nick Rose, CEO and founder of Ethernal Labs, sums up the collaboration with these words:
“This partnership allows us to strengthen the Web 3 ecosystem by pioneering cross-chain interoperability and bringing NFT and digital assets to the masses.”
Disclosure of Hinman documents
The persistence and determination of Ripple’s owners, pushed the company to another success. After all, after six independent requests, the Hinman documents have been disclosed, which, in a legal battle with the SEC, have the right to prove decisive.
The data in question include comments by the former director of the Division of Corporate Finance, US Securities and Exchange Commission. In them, he notes that transactions made on Ethereum are not securities transactions. Such a narrative, according to Ripple representatives, would put the company in an advantageous position in the context of the battle to win.
Less than 50 billion XRP in treasury stock
In turn, the third quarter report reveals another milestone for the company. This is because it says that the XRP resources held on its own portfolios, fell below the psychological barrier of 50%. According to Ripple CEO Brad Garlinghouse, this indicates that customers were finding XRP more useful and were eager to use it. In turn, for critics of the company’s tokenomics, it signals that the coin’s centralization is declining significantly.
Foreign expansion of Ripple
Ripple finds the center of its development in the United States. However, it is not only in this market that the company bases its operations. According to Garlinghouse’s statement, the company is gaining momentum beyond American borders. He says that “we are actually growing by leaps and bounds outside the United States,” adding that “95% of our customers are outside the US.” This is evidenced, for example, by its efforts to obtain a Virtual Asset Service Provider (VASP) license in Ireland. Obtaining it will open the floodgates for Ripple to the entire European Union.
Successful battle with the SEC
The court battle that Ripple is waging with the SEC is by far the most publicized aspect of the company’s operation. Over the course of the year, it has seen a number of smaller proceedings and hearings. It’s hard not to get the impression that it’s the Silicon Valley company that comes off more favorably in them. The conclusion of the dispute will most likely take place in the first half of 2023. We, on the other hand, will be here to report it to you in full.