Amid a series of developments, Ripple is closing the week with five major wins across several areas, including the SEC lawsuit.
Ripple had a successful week with notable progress in various areas, including the SEC lawsuit and expansion objectives. From scoring a major victory in the ongoing legal dispute to making headlines for its expansion into the crypto custody industry, the technology firm witnessed a series of favorable developments this week.
Hinman Docs to be Released
The earliest of these developments involved a landmark ruling from Judge Analisa Torres in the Ripple vs. SEC case, as previously reported by The Crypto Basic. On May 16, Judge Torres rendered a series of rulings in the lawsuit, which included the rejection of the SEC’s request to seal Hinman’s documents.
The judge emphasized the potential significance of the documents for the court’s forthcoming decision, establishing a pivotal precedent. This landmark ruling ultimately granted Ripple the authorization to make the documents publicly accessible. The ruling came after months of several attempts from the SEC to keep the documents sealed.
Ripple Acquires Metaco
Shortly after Judge Torres’ rulings, Ripple publicly announced its acquisition of Metaco, a Swiss-based company focused on digital asset custody and tokenization. The acquisition, valued at $250 million, signified Ripple’s strategic expansion into the crypto custody and tokenization industry.
Ripple Unveils its CBDC Platform
On May 18, Ripple announced unveiled its innovative Central Bank Digital Currency (CBDC) platform. This platform is designed to assist central banks and financial institutions in creating their own digital currencies, further establishing Ripple’s role as a facilitator in the CBDC realm.
The CBDC platform, which underwent a pilot phase in March 2021, is developed using the same technology as the XRP Ledger. Ripple’s CTO, David Schwartz, confirmed that the platform offers the flexibility to incorporate and interact with XRP. However, the use of XRP is completely optional for the institutions seeking to build with the platform.
Honors at the Digital Currency Awards
In addition to the previously mentioned developments, Ripple also secured two major honors at the just-concluded 2023 Digital Currency Awards. The Silicon Valley company won the award for the Best Sustainability Initiative, while James Wallis, its VP for CBDCs, emerged as the winner for the Digital Currency Leader of the Year award.
Warren Jenson Joins the Team
The latest notable development for Ripple came as an expansion of its team. The firm announced on May 19 that Warren Jenson would be joining its Board and also appointed as the Chair of the Audit Committee. With a notable financial background as the former CFO of Electronic Arts and Amazon, Jenson brings valuable expertise to Ripple’s board.
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