CoinTrust

Ripple Scores Another Legal Victory, Adds More Partners

Kelly Cromley

Despite several controversies, Ripple continues to sign up partnerships with several banks and financial institutions, spearheads adoption and overcomes legal hurdles steadily. As we had reported earlier, Ripple (XRP) faced three lawsuits filed by clients who want the court to rule that it is a security and also compensate them for the losses. One of the cases was withdrawn last week.

In the case involving Ripple and plaintiff Vladi Zakinov, California’s Supreme Court has accepted Ripple’s request for a change of Judge and replaced Marie S. Weiner with Richart H. DuBois.

Zakinov, who alleges that the price of XRP is manipulated by Ripple, is seeking compensation for the loss incurred on his investment in Ripple.

The real-time payment settlement platform provider had requested the court to replace Judge Marie S. Weiner as the blockchain firm believed that it will not receive a fair trial, as revealed by a twitterati.



Notably, the lawsuit filed by Ryan Coffey against Ripple was also dismissed recently. Coffey, in his petition, had alleged Ripple of running a “never ending ICO” and requested compensation for losses realized on his investment. However, the court rejected the petition and issued the following statement: “Having read the papers filed by the parties and carefully considered their arguments and the relevant legal authority, and good cause appearing, the court hereby DENIES plaintiff’s motion.”

Coffey later on withdrew the case against Ripple. The crypto token of Ripple (XRP) remains bearish mainly because of the lawsuits faced by the company. Exchanges such as Coinbase are also concerned about the lack of decentralization, which Ripple had denied vehemently.

Ripple lines up more partners

In the past one year, Ripple had forged numerous partnerships spanning Europe, Asia and Middle-East. Some of the prominent partners include SBI Holdings, Cuallet, MoneyGram, IDT Corporation, Mercury FX, National Bank of Abu Dhabi and Central Bank of Saudi Arabia. Additionally, Ripple’s CTO Stefan Thomas had recently revealed that xRapid is being tested by American Express. The partnerships had enabled Ripple to become the third-largest crypto by market capitalization.

There are also reports that Ripple is being tested by Standard Chartered Bank for conducting “cross-border payments over RippleNet.”


The above message reaffirms the partnership which was announced in May. Ripple has recently stated that it is targeting Chinese financial system. Mercury FX, which is trialing the platform, has stated that it is impressed with the speed offered by xRapid.

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