LuLu Exchange has partnered with Ripple and the Federal Bank of India to avail real-time payments from UAE to India. The UAE based money exchange announced the move over the company’s Twitter handle, revealing that the payments will be fast and affordable.
The tweet was met with several ‘thumbs up’ comments, with many applauding Ripple’s resiliency to make moves amid the SEC lawsuit troubles. In early 2020, LuLu exchange and Ripple-backed MoneyGram formed a partnership that saw Ripple extend its services to the Pacific region. To date, the association has been strong despite the hurdles that Ripple is facing.
LuLu Exchange UAE plans to use RippleNet to backbone the transactions with India’s Federal Bank’s help. The Indian Institution has millions of clients and is listed in several exchanges, including the London Stock Exchange.
Ripple Extends Horizon With XRP Troubles
Ripple’s recent activity with LuLu exchange shows that the blockchain startup is not holding back when it comes to cross-border business. Even as the US financial watchdog is breathing down its neck, Ripple has expanded its horizon to several countries in the Asian region. The SEC is bravely fighting for XRP to be declared a security.
This year, Ripple and bKash partnered with Malaysian’s Mobile Money to facilitate real-time remittances from Bangladesh to Malaysia. The wallet to wallet transactions is happening under the RippleNet network.
The move shares similarities to the LuLu Exchange and Federal Bank’s deal. It shows how many financial institutions trust the network and are undisturbed by the lawsuits Ripple is facing. Across social media platforms, crypto die-hards hope the company will win the battle, and XRP will bounce back to become a good investment.
XRP in the Midst of a Warzone
Recently, a court date was set for the Ripple vs. SEC battle to determine the fate of XRP in the financial market. Several exchanges such as BinanceUS have completely faced out the crypto from their portfolio. Nevertheless, following the number of activities that Ripple has had in recent times, it shows that the crypto’s fate is not the full focus of the blockchain company.
XRP faced a deafening price plunge after the SEC lawsuit surfaced, and it has made little to no recovery since. At the time of writing, XRP stands at $0.265, which is down 2.45% from the value recorded 24h ago. Whether the crypto will bounce back or fall completely lies in the fate of the court of law.
The US-based financial enforcer has extended the suit to two of Ripple’s executives, Brad Garlinghouse(CEO) and co-founder Chris Larsen. The two have a battery of 21 lawyers to defend them in the upcoming trials.