Ripple is quite serious about improving their overall operations. Recently, Ripple has decided to hire Dan Morgan who used to work for the UK government’s International Trade Department. He was a Fintech Sector specialist. Morgan is already the third new addition to Ripple’s team.
Kahina Van Dyke added as the Senior Vice President in Business and Corporate Development and David Schwartz as the new CTO, things are looking good in Ripple’s lineup. In fact, many are hopeful that this could address issues surrounding Ripple.
Solving Regulatory Concerns?
Dan Morgan has been the Fintech Sector specialist for UK Department for International Trade. In addition to this, he had experience as the Director of Policy and Regulation at Innovate Finance, UK’s global Fintech community.
Ryan Zagone who is the Director of Regulatory Relation at Ripple mentioned on his Twitter that “He’ll be key to our growth in Europe and brings deep expertise in fintech and digital assets”.
And this could actually be a good move on the part of Ripple. Morgan has been named as UK’s top “Influencers in the Risk Compliance, and RegTech” last year. And this is something that Ripple need as of the moment.
Bitcoin and Ethereum have been considered by the US Securities and Exchange Commission as securities. On the other hand, Ripple has been dealing with different lawsuits. Ripple is currently dealing with three lawsuits claiming that the XRP is actually a security.
The news regarding Morgan’s addition to Ripple has been positively by the community. One reddit commenter mentioned that “Dan had a connection with Ripple and the Bank of England. If he works for Ripple now then there’s a good reason behind it. He knows Ripple’s capabilities through the bank of England so why would he join a ‘sinking’ ship if anyone has doubts out there”.
Ripple has partnered with the likes of Western Union, Santander, Moneygram, and Bank of America. And though XRP’s price is currently struggling, there are those that predicted that it is simply a matter of time before it spikes up in value.
Western Union though mentioned that Ripple’s product wasn’t helping them lower their cost. Western Union also mentioned that the product is too expensive for them. However, Ripple mentioned that the number of transactions were too small for changes to be seen.
Should Coinbase Include Ripple?
Ripple experienced reaching $3.40 per unit only to drop to $0.18 and is currently trading at $0.48 at the moment.
Coinbase, the biggest US crypto exchange, opted to not list Ripple in its platform. One investor then contacted FINRA with a claim that Coinbase is guilty of market manipulation. FINRA is an independent body that is responsible for overseeing relations between dealers and investors. Though Coinbase is a private company, it is possible that it does have an obligation to list XRP considering that it is the third largest cryptocurrency based on market capitalization.
Based on what Ripple is currently doing, it is doing its best in order to be considered as a commodity. So far, getting the right people in their team could be the right thing to do. And in reality, meeting regulations can actually mean that Ripple can be adopted soon.