Ripple has secured two more Money Transmitter Licenses (MTLs) in the United States, one from the state of New York and the other from Texas, the blockchain company announced today (Monday).
Two Strategic US Licenses
The licenses in the two states were strategic, as Ripple pointed out that it saw strong demand for real-time global payments from both banks and crypto businesses in New York and Texas.
With this latest license acquisition, the company now holds more than 55 US MTLs across its payments, custody, and stablecoin businesses. It also holds a BitLicense in New York and another NY Limited Purpose Trust Company Charter.
Outside the US, the blockchain infrastructure provider holds a Major Payment Institution License in Singapore, Virtual Asset Service Provider registrations in Ireland and the Cayman Islands, and an in-principal license from Dubai’s DFSA.
Under the US MTLs, Ripple can offer its customers cross-border payment solutions and manage end-to-end transactions on their behalf.
“We continue to see more interest from financial institutions and crypto businesses that want to access the benefits of crypto and blockchain for faster, cost-efficient, and 24/7 cross-border payments,” said Joanie Xie, Managing Director of North America at Ripple.
“With years of experience working in both crypto and with financial institutions, Ripple is well-positioned to support companies that are ready to take advantage of the current landscape.”
According to the company, Ripple has processed about $70 billion in payment volume on its blockchain-based ledger. Over the years, it has added many banks and financial institutions to its network. It also pointed out that the number of North American customers in its payment network doubled last year.
Betting in the US
Ripple also fought a long battle with the US Securities and Exchange Commission (SEC) over the status of the XRP token, which the regulator alleged was an unregistered security. Although a court found the XRP offerings to retail customers legitimate, the company violated US laws with its institutional offerings and was fined $125 million.
However, with the change in the White House administration, the blockchain company is optimistic about the future of the crypto industry in the US. Donald Trump’s administration even appointed two crypto-friendly chiefs of two regulators and also appointed a working group to develop digital asset policy recommendations.
With the optimism surrounding crypto in the US, Ripple continues expanding its presence in the country, particularly by investing in talent—about 75 percent of its open positions are now based in the US. The company also pointed out that it has doubled domestic hiring compared to 2023.
This article was written by Arnab Shome at www.financemagnates.com.
You can get bonuses upto $100 FREE BONUS when you:
💰 Install these recommended apps:
💲 SocialGood - 100% Crypto Back on Everyday Shopping
💲 xPortal - The DeFi For The Next Billion
💲 CryptoTab Browser - Lightweight, fast, and ready to mine!
💰 Register on these recommended exchanges:
🟡 Binance🟡 Bitfinex🟡 Bitmart🟡 Bittrex🟡 Bitget
🟡 CoinEx🟡 Crypto.com🟡 Gate.io🟡 Huobi🟡 Kucoin.
Comments