Ripula Posted October 8, 2015 Share Posted October 8, 2015 Hello all,It's been quite some time for those of you following the Ripula updates, for which we apologise. We've been hard at work sorting out our situation with regards to the IRS with the intention of providing an alternative for SnapSwap US users by the end of this month. Unfortunately, the regulatory regime in the US is nothing short of nightmarish, but here in the UK it is very much more sympathetic. As a result, pending some final calls with the IRS this week, we will be able to offer a one-to-one swap of SnapSwap.USD for Ripula.USD, with deposits via PayPal at first and then also hopefully CurrencyCloud later on.We have suggested to SnapSwap that they simply transfer their users and balances across to us in order to avoid making SnapSwap customers have to withdraw and then re-deposit their funds, but this has been met with silence so far. As soon as our USD facilities go live, we will make a further announcement. Ta-ta for now! faz, MundoXRP, thinlyspread and 6 others 9 Link to comment Share on other sites More sharing options...
celticwarrior72 Posted October 8, 2015 Share Posted October 8, 2015 (edited) Do you plan to cover your IOUs 1:1? Edited October 8, 2015 by celticwarrior72 Link to comment Share on other sites More sharing options...
Ripula Posted October 8, 2015 Author Share Posted October 8, 2015 (edited) As a result, pending some final calls with the IRS this week, we will be able to offer a one-to-one swap of SnapSwap.USD for Ripula.USD, with deposits via PayPal at first and then also hopefully CurrencyCloud later on.Yes indeed! Any deposits that come from current SnapSwap members must be accompanied by a fiat deposit in the usual way. Edited October 8, 2015 by Ripula Additional clarification celticwarrior72 and thinlyspread 2 Link to comment Share on other sites More sharing options...
thinlyspread Posted October 8, 2015 Share Posted October 8, 2015 This is really great news for the Ripple ecosystem at large. Ripula, you've always provided me with a fast, friendly and efficient service. I hope that continues and you can grow your user base and strengthen the Ripple network a little more too. Ripula 1 Link to comment Share on other sites More sharing options...
tomb Posted October 8, 2015 Share Posted October 8, 2015 Ripula He also brought this up, which would be awesome!Ripula Today 5:05 PM Our USD accounts are in the UK, but we're going to be working with PayPal and CurrencyCloud to allow for cheap deposits and withdrawals karlos 1 Link to comment Share on other sites More sharing options...
karlos Posted October 8, 2015 Share Posted October 8, 2015 Im late to the Ripula party, does this mean eventually that US residents will be able to purchase xrp through ripula (via paypal or currencycloud)? Link to comment Share on other sites More sharing options...
yvv Posted October 8, 2015 Share Posted October 8, 2015 Im late to the Ripula party, does this mean eventually that US residents will be able to purchase xrp through ripula (via paypal or currencycloud)?No. Never. You can't exchange USD.Ripula for anything else. You'll get stuck with them forever. Link to comment Share on other sites More sharing options...
tomb Posted October 9, 2015 Share Posted October 9, 2015 I used to like you yvv but I think I am going to use the ignore button on you to see what happens. Link to comment Share on other sites More sharing options...
MundoXRP Posted October 9, 2015 Share Posted October 9, 2015 We have an ignore button..where!!!!?? Lol Link to comment Share on other sites More sharing options...
tomb Posted October 9, 2015 Share Posted October 9, 2015 yea, hover their profile pic and there is an ignore button. Link to comment Share on other sites More sharing options...
Ripula Posted October 9, 2015 Author Share Posted October 9, 2015 Im late to the Ripula party, does this mean eventually that US residents will be able to purchase xrp through ripula (via paypal or currencycloud)?That's the plan, yes. As I've said, we've got one or two more things to clear up with the IRS, but we should be able to start offering USD very shortly. rippleric, karlos and thinlyspread 3 Link to comment Share on other sites More sharing options...
sayright Posted October 9, 2015 Share Posted October 9, 2015 how do you plan to handle paypal transaction reversal? Link to comment Share on other sites More sharing options...
Ripula Posted October 9, 2015 Author Share Posted October 9, 2015 Accounts making use of PayPal transaction reversal without good reason will be subject to having their Ripula balances frozen until the dispute is resolved. thinlyspread 1 Link to comment Share on other sites More sharing options...
sayright Posted October 9, 2015 Share Posted October 9, 2015 That will work only if those accounts keep ripula iou which I doubt. I think combining crypto with reversible transaction systems is VERY dangerous and I hope you won't get burned by that. karlos 1 Link to comment Share on other sites More sharing options...
yvv Posted October 9, 2015 Share Posted October 9, 2015 I used to like you yvv but I think I am going to use the ignore button on you to see what happens.What I am going to do now??? Link to comment Share on other sites More sharing options...
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