Ripple is staring down an opportunity to fix its closed system
In July, a United States judge ruled that Ripple Labs’ XRP (XRP) token was not a security when sold to the public on secondary markets. While the Securities and Exchange Commission will contest the decision, the broader cryptocurrency community has embraced it, as crypto trades on exchanges might sidestep the securities transaction label.
Despite the ruling, the crypto market continues to suffer from broader uncertainty. Ripple has long been entrenched in this battle, but this legal victory might serve as a partial emancipation, allowing the company to relight its former flame. This case presents an opportune moment for the company to chart a new course, turning the page from an old chapter to ignite a new era.
Ripple was designed to replace the traditional SWIFT system of cross-border payments. And there were valid reasons to do so, as anyone who has experienced the frustration of paying $45 for an international wire transfer that took four days to reach its intended recipient can attest. Offering an accelerated process, untethered by weekend or holiday delays and free of the exorbitant and unpredictable fees associated with SWIFT transfers, Ripple aimed to build a crypto product closely mirroring the legacy financial ecosystem — a system primed for everyday transactions.
Related: Ripple verdict could spark a new bull market — or more malaise
This aim defined its product, leading it to undertake the formidable task of constructing an entire technology stack from scratch. However, this proved to be a herculean task. Beyond the technological challenges, there were various processes and unexpected areas of friction, particularly in operating across numerous jurisdictions. The endeavor likely surpassed Ripple’s initial
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