GateHub, a United Kingdom-based cryptocurrency transaction gateway has come out in support of XRP despite numerous US-based exchanges continue to delist XRP from their platforms. Gatehub in its official announcement noted that they have carefully reviewed the SEC lawsuit against Ripple and have decided to continue their services for XRP.
The exchange noted that unless SEC makes it necessary to remove XRP, they would continue to offer the services. The official announcement read,
We have carefully reviewed the complaint that the SEC filed in federal district court in New York alleging Ripple’s XRP should have been registered as a “security” upon its creation in 2012, more than eight years ago, and charging that Ripple and its senior managers later engaged in market manipulation and self-dealing.
Please be advised that GateHub Ltd. will continue listing XRP until the SEC’s complaint against Ripple is adjudicated and a final decision entered that XRP is properly classified as a “security,” or until we receive a cease-and-desist notice from the SEC.
XRP Holds Ground Despite Lawsuit Woes
The fourth-largest cryptocurrency has managed to hold its ground despite many deeming it untradable post-SEC lawsuit. A majority of the XRP markets and key Ripple partners are located outside the US which could help the digital asset start fresh irrespective of the outcome of the security lawsuit filed against the company.
Ripple’s main business model includes the use of RippleNet for offering almost instant cross-border transaction and remittance services. Moe than 90% of the remittance volume comes from outside the US-dominated by the Asian markets. Even during the peak of the Bitcoin bull run and Ripple lawsuit woes, XRP topped the volume charts on several South Korean exchanges.
Ripple also offered to help US banks in the wake of the recent OCC letter allowing Federal banks to make use of stable coins and blockchain technology for remittance.
The @USOCC this week granted banks permission to connect to public #blockchains, but how can they build on their benefits? Ripple CTO @joelkatz breaks down how banks can issue stablecoins using #XRPL: https://t.co/2A8B1WPAzN
— RippleX (@RippleXDev) January 8, 2021