Ripple and XRP emerging from one of the longest crypocurrency law suits
Since overcoming its legal challenges with the SEC, Ripple has been on a proactive path to forge partnerships and re-establish its presence in the cryptocurrency market.
The SEC (The Securities and Exchange Comission)in 2020 charged Ripple and two of its executives, Brad Garlinghouse and Christian Larsen with selling unregulated securities valued at more than $1.3 billion to the public over the years via their company-offered XRP
crypto exchanges such as Coinbase suspended trading in XRP, adding to the negative sentiment surrounding the coin
Reprieve came at last for the Ripple team when On July 13, 2023, the court found that XRP (and thus cryptocurrency) was not a security when sold to the public on an exchange, but it is when sold to institutional investors.
The Latest Steps in XRP`s transformtion
Ripple recently announced a new partnership with Roblox today, allowing the leading gaming platform to accept XRP as a form of payment.
According to a statement from blockchain payments provider BitPay, the new agreement makes it easier to use XRP for in-game purchases on Roblox.
Roblox has a user base of over 200 million monthly active users. The platform also reports 65.5 million daily active users and revealed that 44% of users are under 13 years old.
This large audience spent approximately $773 million on in-game purchases in the first quarter of 2023 alone.
The new payment integration with XRP is supported by Xsolla and multiple parties to ensure proper intergration a company specializing in transactions in the game on Roblox.
The mechanism for adding XRP as a payment option involves multiple parties. Roblox led the integration working closely with Coinchange Financial, TradeZing and BitPay.
The Inevitrable future intergration of XRP
The integration of XRP into Roblox’s payment system can be considered a case study in how digital assets can be effectively integrated into platforms . For Roblox, the decision to include XRP could provide a model for other gaming companies considering cryptocurrency integration.
As cryptocurrencies continue to grow in popularity, For Ripple, this partnership could serve as a catalyst to attract new transactions, especially in sectors beyond financial services and gaming. A successful implementation here could also influence how regulators view cryptocurrencies in the context of broader commercial applications.