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RippleNet has grown fivefold to problems with the SEC

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Ripple XRP: Brian Brooks on an SEC Settlement, Ripple Solving Issues for the Unbanked

RippleNet has grown fivefold to problems with the SEC

RippleNet has grown fivefold to problems with the SEC
CONTENT

  • Ripple report showed RippleNet transactions grew five times in 2020 compared to 2019

  • RippleNet processed nearly three million transactions in 2020

  • The ecosystem has been hit hard since the SEC filed charges against Ripple and its two executives

International consortium of news organizations developing transparency standards.

In a January 25 report titled Ripple 2020 Momentum, CEO Brad Garlinghouse details the improvements the ecosystem has seen over the past year.

The company reported that the startup’s flagship product, RippleNet, processed three million transactions, five times more than in 2019. RippleNet processed close to three million total transactions, a marked increase.

RippleNet has grown fivefold to problems with the SEC

2020 was a banner year for @Ripple, despite a disappointing ending related to U.S. regulation (understatement?). We processed millions of RippleNet txns, grew ODL 12x YoY and signed 15 new customers after the SEC complaint. 1/3 https://t.co/2efIQDojU7

– Brad Garlinghouse (@bgarlinghouse) January 25, 2021

The growth of the platform coincided with the development of the industry

Ripple’s technology has been most successful with Asia-Pacific customers. The report says that this market grew by 80% on an annual basis. Many companies have implemented RippleNet to optimize money transfers. As a result, regional transaction volume increased by 1,700% over the year.

The spread of technology coincides with the active development of the cryptocurrency industry in general. In 2020, this segment was replenished with new projects and attracted new users.

In terms of industrial adoption rates, 2020 was the best year for Ripple. However, the SEC claims disrupted the plans of the company and its management..

SEC will stifle Ripple development?

RippleNet has grown significantly in the past year, but allegations leveled against Ripple Labs and its two executives have created a lot of problems for the project and brought down XRP’s value. Ripple community is on the verge of hysteria.

XRP rate. Source Coinmarketcap

The SEC claims XRP is not a commodity like Bitcoin or ethereum, but a security. The regulator accused the company of selling unregistered shares.

RippleNet has grown fivefold to problems with the SEC

In particular, the SEC claims that Ripple received millions of dollars from the illegal sale of securities, and spent them to finance its activities and personal enrichment of the founders. The allegations appear to have had a profound negative impact on society.

Some XRP holders have petitioned the SEC to drop the charges, but overall, the market reacted negatively to the news. Many holders believe that the regulator is not acting in the interests of investors. They refer to the fact that the company has been operating for seven years and before that there were no complaints about it..

Many cryptocurrency exchanges have excluded the token As the use of cryptocurrencies increases, new types of tokens are emerging. They can represent value or something intangible like voices. Two … More from listing or suspended trading. Even regulated exchanges and companies implementing RippleNet have cut services, citing concerns over the lawsuit.

Until the situation is cleared up, Ripple is likely to have difficulties proving its legitimacy in an industry growing at breakneck speed..

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