Ripple Adds New Client in Vietnam As Crucial XRP Lawsuit Deadline Arrives in the US
Ripple is adding a new client in Vietnam.
TPBank has joined Ripple’s network of banks and financial institutions that use Ripple’s payment products to move money.
The bank says the new partnership will allow it to send and receive remittances in a matter of minutes.
“Customers will not have to wait for a few hours to make money transfers from Japan to a TPBank account because from now on, using RippleNet, applying blockchain technology to international money transfer, customers only need a few minutes to complete these transactions.”
So far, TPBank has not revealed whether it plans to use Ripple’s XRP-based solution called On-Demand Liquidity to move funds across borders.
Meanwhile, back in the US, a crucial deadline has arrived in a lawsuit that claims Ripple sold XRP as an unregistered security.
The plaintiff, Bradley Sostack, must respond today to Ripple’s motion to dismiss.
Ripple’s motion claims that the plaintiff, Bradley Sostack, who filed his case in early 2018, waited too long.
It states that the statute of repose requires him to make his case within three years of the initial offering in 2013.
It also notes that XRP is not an investment in Ripple, based on several factors.
“Purchasing XRP is not an ‘investment’ in Ripple; there is no common enterprise between Ripple and XRP purchasers; there was no promise that Ripple would help generate profits for XRP holders; and the XRP Ledger is decentralized.”
Back in February, a federal judge denied the plaintiffs’ motions to return to state court, a move that crypto lawyer Jake Chervinsky called a “small but meaningful” victory that could help Ripple’s case in the long run.