Ripple announced a new partnership with Roblox today, allowing the leading gaming platform to accept XRP as a form of payment. The partnership marks another important development in Ripple’s ongoing business growth strategy since its legal victory over the U.S. Securities and Exchange Commission (SEC).
In addition to its partnership with Roblox, Ripple has been making other strategic moves to expand its global footprint.
Earlier this month, the company secured a full-fledged license from the Monetary Authority of Singapore to regulate cryptocurrency payment services in the city-state.
Additionally, Ripple is in discussion for a potential collaboration with the Australian Freight & Trade Alliance, further indicating the company’s expansion efforts across diverse sectors.
Ripple’s Expansion Efforts Post-SEC
Since overcoming its legal challenges with the SEC, Ripple has been on a proactive path to forge partnerships and re-establish its presence in the cryptocurrency market.
According to a statement from blockchain payment provider BitPay, the new deal facilitates the use of XRP for in-game purchases on Roblox.
This large audience spent roughly $773 million on in-game purchases during Q1 of 2023 alone. The new payment integration with XRP is facilitated by Xsolla, a firm specializing in in-game transactions on Roblox.
The mechanics of adding XRP as a payment option involved multiple parties. Roblox spearheaded the integration process, working closely with Coinchange Financial and TradeZing. These companies developed the crypto asset payment system that now supports XRP. Additionally, BitPay has a role in ensuring the integration of cryptocurrency wallets with the new payment system.
As cryptocurrencies continue to gain mainstream acceptance, the integration of XRP into Roblox’s payment system could be seen as a case study for how digital assets can be effectively incorporated into existing platforms.
For Roblox, the decision to include XRP may be a blueprint for other gaming companies considering cryptocurrency integrations.
For Ripple, this partnership could serve as a catalyst for attracting further deals, particularly in sectors beyond gaming and financial services. The successful implementation here may also influence how regulatory bodies view cryptocurrencies in the context of broader commercial applications.