Ripple Update – New President, African Expansion, Machine Learning, and more

There is a lot to take in when discussing the progress Ripple has made over the last few months. RippleNet, which is the underlying network that the ecosystem uses, continues to see growing adoption by corporate and financial clientele. This growth can be seen in the company's most recent statistics.

Ripple now has +800 employees with offices located in 15 financial hotspots globally. The firm has seen significant growth in regions such as  Africa, Argentina, Belgium, and Israel. The developers have used this growth to refine their offerings and services. Today, Ripple offers its high-speed seamless international money transfer services to a huge selection of users.

New President

The 2023 London Marathon will be the backdrop for Ripple officially celebrating a new president. Monica Long has worked with the firm for years. She was promoted to president after it was decided she had the foresight and experience to help Ripple navigate through the dozens of new markets it penetrated recently.

Ripple Announced a New Partnership

The 2023 TCS London Marathon will take place on Sunday 23 April 2023. Ripple has chosen this date to announce its new partnership with the Great Ormond Street Hospital (GOSH). According to preliminary reports, the philanthropic partnership will last for 2 years. It will place Ripple with tasks such as operating a tent at the marathon and more.

Ripple pledged to donate funding to the cause and help to promote and raise awareness for combating child cancer. There are 1,000 TeamGOSH runners already signed up for the event that will cover +26 miles of breathtaking scenery and landscapes. Notably, Ripple will sponsor GOSH Charity's rest and recovery room.

Source – Great Ormond Street Hospital (GOSH) – Ripple Partnership

The firm has pledged to join forces with this world-leading healthcare provider to fight rare and difficult-to-treat cancers in the youth. Notably,  Great Ormond Street Hospital (GOSH)  Children's Charity is one of the world's foremost experts on the research and curing of rare cancers found in children. Their work has saved the lives of thousands and they're highly respected within the community for their efforts.

Ripple Adds Machine Learning

Another major upgrade that has helped Ripple maintain its momentum is the addition of machine learning protocols. Machine learning focuses on enabling protocol to become smarter through interactions. Ripplenet has used machine learning technology to improve efficiency and account management.

The upgrade has enabled Ripplenet to provide near-real-time payments to clients. The entire project focuses on freeing up liquidity and improving security. The machine learning algorithms will slowly be expanded into other aspects of the project. One day they may help to manage and identify inefficiencies in the end-to-end customer experience, liquidity management solutions, issuing lines of credit, and much more.

The project leverages the On-Demand Liquidity (ODL) system. This system has been around since 2018 when it first debuted on the network. The integration of machine learning has made it more effective at ensuring optimal liquidity.  This approach helps the treasury process payments faster which improves vendor relations. Notably, the ODL protocol is now in use across just under 40 payout markets globally. The system is ideal for low-value high-volume international payments.

Expands Into Africa

Ripple has been a major player in the African market. Over the last few years, the firm has set roots in the country through a variety of strategic partnerships designed to improve international money transfers and financial inclusion. Ripple partnered with MFS Africa to help bring basic financial services to millions.

Notably, Ripple has helped improve remittance payments for many in the country. The partnership with MFS Africa, the largest and most popular mobile payment app, has helped the network expand its uses further. The network leverages the ODL liquidity solution as part of this approach. Ripple now registers over 400M wallets and +800 payment channels.

Africa is one of the fastest growing in terms of blockchain adoption for many reasons. The region lacks much of the traditional infrastructure for local bank branches. As such, it makes sense to go with digital banking alternatives that only require a smartphone to use.

Ripple SEC Developments

Ripple and the SEC have been in a long drawn-out court case regarding the classification of XRP and the network's fundraising practices in the past. The trial has been closely followed by crypto analysts with many expecting a special judgment as soon as next week.

Ripple has used the attention to speak out on the double standards that crypto firms face versus traditional financial options. They explained that the blockchain sector is governed by enforcement with no clear rules or regulatory framework in place. To back up their claims, the group pointed to SEC issuing Wells Notices to Coinbase and Paxos but not creating regulations to guide future firms.

There has been a consistent lack of clarity by the SEC regarding digital assets for many reasons. Many believe the hands-off approach is to enable the industry to grow and innovate as needed. To that extent, the approach is ideal. However, the downside is that you end up with no clear-cut path for new types of crypto assets to follow.

This week rumors began to spring up of a secret meeting between Ripple and the SEC. The rumors began with a Tweet from Blockchain Daily that said the meeting would take place on May 8th behind closed doors. However, the meeting is now in doubt as others have stepped in to debate the claim such as Fox Business reporter Eleanor Terret. Regardless, the project is eager to put this entire SEC issue behind them and focus on new clientele.

Ripple – Continued Development and Improvements

Ripple has not stopped progressing with its features or services since its launch. The network has expanded to include some of the biggest names in finance and money transfer. You can expect Ripple to continue on this trajectory of success due to their commitment to service and its track record of successfully providing money transfer services to large financial institutions. .