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XPR Ledger to Add Smart Contracts as Ripple’s Xpring Invests in Flare Networks

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  • Yuri Molchan
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    Ripple’s investment subsidiary funds another promising startup to enhance the opportunities of XRPL and benefit developers who are building on it

XPR Ledger to Add Smart Contracts as Ripple’s Xpring Invests in Flare Networks
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Xpring, the Ripple’s arm dealing with investments, spreads the word that it has chosen another promising company for investing. Being interested in the sphere of decentralized finance, Xpring looks for a good opportunity to implement smart contracts into the XRP ledger.

Flare Networks, the company that Xpring has recently invested in, is going to help with that.

XRP ledger to add blockchain contracts

As the blog post by Ripple-invested Coil specifies, Flare Networks is a Turing Complete Federated Byzantine Agreement (FBA) protocol. The startup uses the Ethereum Virtual Machine, thus enabling any private or public networks to utilize smart contracts.

The Xrping's investments will be also used to enable further development of Flare.

The Flare Networks co-founder, Hugo Philion, says in the Flare blog:

“I am delighted to announce that XPRING, the investment arm of Ripple Labs, has just completed a strategic investment into Flare. The partnership and investment enables the company to further the development of Flare, and brings a wealth of resources and partners to enhance and extend the Flare, Xpring and XRP eco-systems. We look forward to working further with Xpring to serve their partner’s needs beyond payments.”

Since XRP allows users to conduct fast and cheap transactions, Flare is going to give it another use-case and help dev teams and companies use the XRP ledger and XRP for their purposes.

Among other partners of the Flare Networks are Singularity, Neuhanse Network, Securitize, etc.

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Xpring acquires Strata Labs

Recently, U.Today reported that Ripple’s subsidiary Xpring also invested in Strata Labs, a company which is developing the Interledger protocol (ILP).

Earlier this year, Xpring also invested in the Equilibrium Connect to streamline the adoption of Interledger.

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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
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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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