JAKARTA – In the midst of a feud with the SEC, officials at RippleNet reportedly resigned from the company. RippleNet's General Manager, Asheesh Birla announced his decision in a Twitter post.
RippleNet itself is a network of Ripple payment service providers. Birla said he left RippleNet and will start his next career which is to serve on the Ripple Board of Directors.
Birla will work with other members of Ripple's Board of Directors including Rosie Rios who is a former US Treasurer and Sandie O'Connor a veteran of JPMorgan.
With Birla's entry into the board of directors, Monica Long was appointed the leader of RippleNet and RippleX. The information was conveyed by Ripple CEO Brad Garlinghouse. The Ripple leader praised Birla for having an "incredible" impact on the company.
As reported by U.Today, Birla joined the San Francisco-based company in 2013. As a member of the company's founding team, he was responsible for developing cross-border payment solutions powered by blockchain.
Birla joined Ripple as a small startup. Back then, crypto was still a new concept. In 2013, payments company Stripe attempted to acquire Ripple, but failed.
Birla described the launch of Liquidity's OnDemand solution (formerly known as xRapid) as a "huge milestone" for the company. This product enables instant settlement of fiat payments using XRP as the link currency.
In 2021, the RippletNet network made it to $1 billion in monthly volume despite facing a lawsuit from the US Securities and Exchange Commission.
However, the Ripple vs SEC case is still ongoing. The company's plans to go public on the United States' largest stock exchange had to be delayed.
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