- Chipper Cash has five million customers in nine countries across Africa
- The partnership is aiming to deliver “faster, cheaper, more efficient cross-border payments”
- The news comes after the US Securities and Exchange Commission (SEC) will drop its appeal against Ripple
Ripple is teaming up with payments provider Chipper Cash to support cross-border payments across Africa.
In an announcement on March 27, Ripple said Chipper Cash will use its Ripple Payments service, which delivers “faster, cheaper, more efficient cross-border payments.” By joining forces, Chipper Cash is giving its five million customers in nine countries across Africa access to funds 24/7 and 365 days of the year.
Reece Merrick, managing director of Middle East and Africa at Ripple, spoke about the partnership. He said that more people and businesses across the continent are “increasingly recognizing the potential of blockchain technology,” adding:
“As the global cross-border payments market grows, more institutions like Chipper Cash are tapping into the transformative power of blockchain technology to drive efficiency and innovation.”
SEC decision
The news comes after Brad Garlinghouse, Ripple’s CEO, said the US Securities and Exchange Commission (SEC) had decided to drop its appeal against the company.
In 2020, the SEC sued Ripple, Christian Larsen, the company’s co-founder and former CEO, and Garlinghouse, after alleging that they raised $1.3 billion through the sale of XRP, an unregistered securities offering, according to the regulator.
However, in 2023, Judge Analisa Torres found that XRP wasn’t a security when it came to sales to the public, its employees, and developers, marking a huge win against the SEC. Yet, direct sales to institutional investors, Torres found that these sales were securities. As a result, Ripple was ordered to pay $125 million for violating securities laws.
In October, Ripple filed a notice of cross-appeal against the SEC, challenging the judgment to pay the fine.
Despite the news, Ripple’s token, XRP, is trading at $2.33, down 4.60% in 24 hours, according to data from CoinMarketCap.
