- XRP investors to wade into the SEC lawsuit
- Ripple acquires 40 percent stake in Asian firm
The Security and Exchange Commission (SEC) lawsuit against payment firm Ripple has taken a new twist as XRP investors have been approving to intervene in the case. District Judge Analisa Torres has approved investors’ intervention as the payment firm recorded another achievement today. It acquired a 40 percent stake in Tranglo, an Asian cross-border payment firm.
After much persuasion, XRP investors allowed to intervene
Previously, several XRP investors have been lobbying to get involved in the lawsuit between American regulators, SEC, and Ripple. They submitted several petitions to this effect. XRP investors also argued that the legal battle would involve people who have invested in the company and not just the company alone since their investment was the primary target of the lawsuit.
District Judge Analisa Torres granted this approval allowing investors to intervene. Similarly, the court approval comes when the SEC is amending its complaint against the payment firm. They also acknowledged that XRP investors have to intervene in ongoing legal tussles according to their amendments. The regulators also noted that the approval would create an avalanche of claims and near-certainty of undue delay, complexity, and confusion.”
Ripple good news with Tranglo
The approval of XRP investors intervening in the SEC lawsuit and Ripple stake acquisition in Asian firm, Tranglo is more like a double victory for the American firm. Ripple announced it acquired a 40 percent stake in the Asian firm and aimed to meet growing customer demand with the acquisition. They also described Tranglo as an ideal partner to enable their expansion into Southeast Asia.
“Tranglo’s robust payments infrastructure coupled with their unparalleled customer service and quality makes them an ideal partner to support our expansion of ODL starting with the Southeast Asia region. RippleNet General Manager Asheesh Birla expressed excitment to work with Trangloto transform cross-border transactions to be faster, cheaper, and more secure with blockchain.