Ripple Partner Intermex Moves to Acquire La Nacional & LAN Holdings
wrinkle is to expand are tentacles in the European remittance market and 70 countries through partner bank Intermex, which uses RippleNet for cross-border remittance services.
In a recent deal, Ripple partner Intermex has moved to acquire La Nacional & LAN Holdings, Corp, a remittance company serving more than 70 countries. Through the purchase of LAN holdings, Intermex also acquires I-Transfer Global Payments, a Spain-based money transmitter that allows customers to ship from Spain, Italy, Germany and Canada. The deal is expected to close in mid-2022.
This extends its reach in the European remittance market through key EU countries Spain, Italy and Germany. In February 2020, Ripple announced its partnership with the Nasdaq-listed International Money Express (Intermex), a money transfer company.
Despite setbacks in Ripple’s SEC lawsuit, CEO Brad Garlinghouse claims RippleNet saw its best year yet with massive global growth in 2021 with a volume run of more than $10 billion.
In the second half of 2021, Ripple announced the launch of RippleNet’s first-ever On-Demand Liquidity (ODL) deployment in the Middle East, along with Pyypl, an international blockchain-based financial services technology company in the Middle East and Africa.
Also last year, Ripple announced its first-in-market ODL corridor in Japan, in partnership with SBI Remit, and acquired a 40% stake in Tranglo in Malaysia to expand the availability of its ODL service.
in the last updates in the Ripple SEC case shared by attorney James K. Filan, Ripple defendants Chris Larsen and Brad Garlinghouse have filed a letter further supporting their motion to discontinue the SEC’s Metz Supplemental Expert Report.
Metz, who has worked for the US Department of Justice, filed his original report on Oct. 4. He conducted an event investigation to determine whether Ripple was able to manipulate the price of the XRP token with its announcements.