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Ripple-Powered Finablr Posts Revenue Update: 22 Percent Rise

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  • Yuri Molchan
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    Ripple’s partner Finablr publishes an update on its revenue and boasts a rise of 22.1 percent YOY, Flash FX sets up another ODL-powered payment corridor from Australia

Ripple-Powered Finablr Posts Revenue Update: 22 Percent Rise
Cover image via www.123rf.com

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Remittance platforms that are using Ripple’s On-Demand Liquidity (ODL) are making progress with the adoption of XRP as a bridge between local fiat currencies and are also seeing their profits rise.

The Finablr payment service has recently posted data about its earnings rising 22.1 percent year-on-year.

On-Demand Liquidity usage brings high profits

As written by City A.M., the Finablr payments service has reported earnings of $182.3 mln year-to-date (15.6 percent) and a total rise by 22.1 percent year-on-year.

The company has also shared the names of companies whose partnership drove its high performance this year. Even though Ripple is not mentioned by City A.M., it was announced earlier that Finablr now runs on Ripple and utilizes its ODL (formerly known as xRapid) and XRP, providing extra liquidity for the coin.

Last month, Finablr also teamed up with the South Korean electronics behemoth Samsung to get its remittance service delivered to nearly 50 countries through Samsung’s crypto wallet embedded into its new line of smartphones.

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Another Ripple-backed platform expands XRP utility

Ripple-powered Flash FX has recently set up a new payment corridor from Australia to the Philippines, using ODL and RippleNet.

As for ODL, it is also being successfully integrated by the global payments company MoneyGram. Recently, U.Today reported that this payments processor stated that 10 percent of its remittances to Mexico is now made via ODL.

For that purpose, Ripple partnered with the largest Latin America’s exchange Bitso and now MoneyGram sends XRP directly to the venue where later on the coins are converted into the local peso.

However, despite the active use of ODL and XRP, despite the 300 partnerships that Ripple made this year, the price of XRP is still below $0.30, as many in the crypto community are pointing out.

XRP price Finablr
Image via CoinMarketCap

 

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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Ripple Once Again Tries to Toss Class-Action Lawsuit, Insists XRP Is Not a Security

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  • Alex Dovbnya
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    Ripple makes a final push to dismiss the damning class-action lawsuit ahead of a court hearing that is scheduled for January 2020

Ripple Once Again Tries to Toss Class-Action Lawsuit, Insists XRP Is Not a Security
Cover image via 123rf.com

Ripple has once once again asked a federal court to dismiss the pending class-action lawsuit over selling illegal securities, a new court filing shows.

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The company reiterates the same "statue of repose" argument, which means that the plaintiffs failed to meet a legal deadline for filing the suit. Ripple started selling XRP to retail investors back in 2013, which means that it was way too late to bring legal actions against it back in summer 2018 after a bar to a lawsuit was imposed in 2016.    

The blockchain behemoth also continues to insist that XRP is not a security, but it called this issue "irrelevant" to their latest motion, which is why it didn't address this point in-depth. It's not the first time that Ripple tries to dodge the big question that is the cornerstone of the long-lasting legal battle. 

"XRP is not a security, but that is irrelevant for purposes of this motion. Even if XRP were a security, Plaintiff's claims still fail as a matter of law,” the filing said.   

Ripple's previous attempt to throw the suit out of the court didn't bode well. As reported by U.Today, Bradley Sostack, the leading plaintiff in the ongoing case, believes that the defendants are still liable for selling illegal securities. The parties are expected to duke it out in court in January 2020.  

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XRP's status as a security remains a point of contention within the cryptocurrency industry. Crypto influencer BitLord recently slammed Ripple for dumping their native tokens on investors to acquire businesses.    

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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