Ripple faces a suit on one side and tries to expand in India on another
On May 3rd, Ryan Coffey filed a suit against Ripple Labs LLC and its subsidiaries, XRP. The plaintiff wanted to be compensated for the losses he suffered after investing in XRP cryptocurrency as the prices dropped heavily.
He blames Ripple Labs as they had used misleading marketing campaigns to convince investors to buy the cryptocurrency. He lost a massive chunk off of his investment as the price of XRP fell, like most other cryptocurrencies in the market.
Apart from the financial compensation he also went onto demanding the lawsuit be made subject to Californian corporation code on the fact that Ripple is far from a decentralized organisation.
The court rejected Ryan’s request and said,
“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.”
Last year, Ripple had opened an office in Mumbai to expand ties in India. The primary motive to expand in India was to get banks on their side. Pretty interesting strategy as SVP of Product, Asheesh Birla, stated:
“We realized that if you get the top three banks in India onto Ripple, you get 80% of the market share. And then we looked at – where’s the future? And so we realized in the next five years, one billion people will become banked in India, but they’ll be banked through their phone. So then we started targeting mobile phone providers
Although, Ripple is trying every method on the book, XRP is yet to see an upward trend after its price went down to $.3.
Do you you think Ripple expanding its ties in India would do good to its subsidiaries, XRP?