Editor's PiCK
"Ripple Eases SEC Lawsuit Uncertainty… Accelerates Business Expansion in the Middle East"
Summary
- Ripple stated that uncertainty has eased as its lawsuit with the US SEC reaches its closing stages.
- Ripple is participating as a technology partner in the real estate tokenization project promoted by the Dubai government of the United Arab Emirates, and the XRP Ledger has been selected as the foundational blockchain.
- It was reported that, following the settlement with the SEC, Middle Eastern capital led by a Saudi prince is flowing into the XRP ecosystem.
Virtual asset (cryptocurrency) company Ripple, as its long-standing lawsuit with the US Securities and Exchange Commission (SEC) enters its final stages, is accelerating the expansion of real-world asset tokenization and payment infrastructure centered in the Middle East.
On the 29th, specialist virtual asset media Odaily reported, "Ripple has joined as a technology partner in the real estate tokenization project promoted by the Dubai government of the United Arab Emirates (UAE), and the XRP Ledger (XRPL) has been selected as the foundational blockchain for this initiative." This is evaluated as a sign that Ripple's real-world asset tokenization (RWA) strategy, in combination with public collaboration, has entered the business development stage.
Previously, the Dubai Land Department (DLD) announced the launch of the tokenization platform 'PRYPCO' in cooperation with Ctrl Alt. The platform is planned to issue real estate assets on-chain on the XRP Ledger.
The media added, "Ripple reached a settlement with the SEC in early May, including a $50 million fine," and "Since then, Middle Eastern capital, such as a $100 million investment led by a Saudi prince, has continued to flow into the XRP ecosystem."
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
