The companies announced Friday that Xpring would invest some $750,000 into BRD as part of its efforts to “build the internet of value.” As part of this new “strategic partnership”, BRD will integrate XRP and begin building on Xpring’s developer platform.
Mobile wallet provider BRD is partnering with Ripple’s Xpring to boost XRP adoption.
“The partnership and investment will enable BRD users to hold, buy, sell and send XRP to anyone in the world”, a press release noted.
Ethan Beard, senior vice president of Xpring, praised BRD as “one of the oldest and most respected” mobile wallet providers in the space. He said in a statement that the wallet is aiding in mainstream adoption of cryptocurrencies, adding:
“The BRD team has helped consumers on-ramp $6 billion worth of traditional currencies into digital currency, making them an ideal partner to continue the proliferation and adoption of cryptocurrencies like XRP to solve real-world problems.”
“We’re incredibly excited about joining forces with Ripple to bring XRP to our user base”, BRD CEO and co-founder Adam Traidman said in a statement. “Ripple understands the need for a strong wallet partner as they push into key markets like cross-border banking and remittance, so we are thrilled to help them achieve their goals. In addition, it is our plan to have BRD be the cheapest and easiest place to buy XRP moving forward.”
BRD announced support for XRP earlier this month, after Xpring began offering a software development kit for companies to integrate XRP and fiat payments into different applications. The wallet already supported bitcoin, bitcoin cash, ethereum, ERC-20 tokens and DAI, with customers able to purchase bitcoin, ethereum and DAI using ACH wire transfers.
The company currently offers its iOS and Android apps in some 170 countries.
Ripple Hit with Another Lawsuit Alleging XRP Security Laws Violations
Attorneys for a company called Bitcoin Manipulation Abatement LLC have filed a lawsuit in a U.S. federal district court alleging Ripple misled investors and sold XRP as an unregistered security in violation of federal law.
According to court documents filed May 1, the mysterious entity with little online presence accused Ripple and its Chief Executive Officer (CEO) Brad Garlinghouse of raising more than a billion dollars through the sale and marketing of XRP as an unregistered security.
“…in order to drive demand for and thereby increase profits from the sale of XRP, Defendants have made a litany of false and misleading statements regarding XRP in violation of California’s securities laws, and false advertising and unfair competition laws.”
Bitcoin Manipulation Abatement LLC seeks to “recover damages” and “obtain other relief” related to the alleged violations.
The same firm also filed a $150 million lawsuit against crypto derivatives exchange FTX in November 2019 which was subsequently dismissed one month later. High profile members of the crypto community like Binance CEO Changpeng Zhao expressed his thoughts on the lawsuit claims, calling them “very far fetched”.
Ripple facing long-running lawsuit
The firm has faced its fair share of legal action, whether short lived or not, over its XRP token, currently the third most valuable by market cap. A class-action lawsuit brought in May 2018 – and currently moving forward – by attorneys for XRP investor Bradley Sostack has similar allegations of deceiving investors and violating securities laws.
While Sostack does seek damages and compensation for legal costs, one of his stated goals was the recognition of XRP as a security. However, an amendment filed on March 25 suggested he was hedging his bets on the possibility the court may not acknowledge it as such. The U.S. Securities and Exchange Commision (SEC) has not yet taken a position on the matter.