It is said when a business partnership proves successful, subsequent lines of other partnerships follow. This is the case between Novatti payments and Ripple for the past months. Following through with their expanded growth strategy, after the completion of a $40 million capital raising during the September quarter, Novatti is now delivering on providing new payment services.
Novatti — a company that uses Ripple (XRP) for on-demand liquidity, begins promoting CryptoSpend Visa cards in Australia. According to the announcement, the CryptoSpend Visa card supports five cryptocurrencies at the moment.
CryptoSpend bridges the gap between cryptocurrencies and the Australian banking system. Above all, the CryptoSpend Visa card will support Ripple (XRP), Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), and Litecoin (LTC).
With the ongoing global shift to digital payments, Novatti takes a strategic stand to make crypto payments easier to spend. Novatti is an Australian leading fintech company that enables businesses to pay and in turn, be paid.
Strikingly, 2022 has been a year of mega-rounds with deals tripling in Q3 2021 (Year-over-Year) YoY and up 147%. Thus, experiencing the most eventful YoY valuation expansion. Likewise, making it the second-highest quarter on record for fintech financing.
Most of all, Novatti and Ripple have a strong business alliance that started in December 2020. Most recently, Novatti announced its partnership with Ripple expanded to Thailand. The expansion aims to result in thousands of transactions a month that will be processed by Novatti through RippleNet.
Update on the Ripple and the SEC Lawsuit
So far, according to a press release by Ripple, they have submitted all relevant documents, and taken testimonies. Thereby, concluding the fact discovery phase on August 31, 2021. Nevertheless, the case is currently in the expert discovery phase.
Specifically, this is a phase where the U.S. Securities and Exchange Commission (SEC) and Ripple exchanges export reports opining on various aspects of the case. Meanwhile, the SEC requests an extension. However, the court has ordered expert discovery by mid-January 2022.
Thankfully, XRP’s price is gradually bouncing back, especially since the On-Demand Liquidity (ODL) adoption. Ripple reports that their transaction volume doubled compared to last year and also, ODL transactions are up 130% quarter over quarter.
Ripple’s (XRP) trading volume in the last 24 hours is up 36.06% and presently trades at $1.10. Ripple continues to be a viable business ground for partnerships. In light of Novatti, more business announcements are expected from both parties. We can only wait to see the outcome of the SEC lawsuit against Ripple.