Ripple Partner Nium Expands Into Europe With $400M Deal

April 30, 2022 6:49 pm

Ripple partner Nium is a fintech company that utilizes Ripple’s blockchain technology to offer remittance corridors in the Philippines and Mexico regions.

The company has announced that it is in the middle of talks to do an acquisition to expand their operations into Europe via a deal worth $400 million.

The fintech company has been able to become the first to offer corridors from North America to Southeast Asia thanks to its use of RippleNet.

As a result, it has a major head start over all competitors and will likely continue to expand throughout Asia Pacific such as the Korean market.

With its continual expansion, this also accelerates the adoption of solutions that rely on the Ripple network which relies on XRP for all transactions.

U.today reports:

Nium’s footprint in Australia, Singapore and Malaysia has also been strengthened thanks to new network connections.

Ripple is continuing to expand throughout the Asia Pacific, with Korea as the next priority. According to Rahul Advani, head of Ripple’s Asia-Pacific policy, the company plans to enter the Korean market in earnest this year.

“Ripple is particularly interested in the Korean market,” the top executive stated at the “The Future of Blockchain and Digital Assets in Korea” conference, which was hosted by Ripple, GBC Korea and Oxford Metrica and took place on April 27.

Advani also stated that the ongoing Ripple-SEC lawsuit has no impact on the adoption of Ripple’s remittance platform, specifically On-Demand Liquidity (ODL).

The CEO of the company also provided a quick few comments on the ongoing case that Ripple has with the SEC in the United States.

He commented that the lawsuit pretty much has no impact on the company’s services and the adoption of their remittance platforms which runs on RippleNet.

The most demanded platform is the ODL (On-demand liquidity) platform which has continued to experience record-breaking adoption in the APAC region.

The recent news of Judge Torres establishing a new briefing schedule also came out as good news at the same time as Nium’s announcement that they would make a major acquisition to expand into new markets.

CryptoNewsHerald reports:

In a current ruling, Decide Analisa Torres of the USA District Courtroom for the Southern District of New York established a briefing timetable for Ripple and the USA Securities and Trade Fee.

On April 29, the events introduced a joint proposed schedule to the courtroom for approval.

After reviewing the events’ letter, Decide Torres ordered that every one motions excluding professional testimony be absolutely briefed by the top of August.

Any motions for abstract judgment should be filed by September 2022. Ripple and the Securities and Trade Fee could have somewhat greater than a month to file their oppositions and motions.

As Ripple partners like Nium continue to expand and grow, the use of XRP to run these remittance corridors will also continue to expand which spells a bullish outlook for the digital asset.

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