Crypto: Ripple Hits Hard With These 2 New Licenses!

Ripple, the crypto service provider, recently announced that it has obtained money transmission licenses (MTL) in the states of New York and Texas. This strategic expansion strengthens Ripple’s presence in the United States, bringing the total number of its MTL licenses to over 50 in the country.

Ripple Obtains Strategic Licenses in the United States!

These new licenses allow Ripple to provide efficient and cost-effective cross-border payment services in two of the major financial hubs of the United States. The demand for such services is growing strongly, both from traditional banks and crypto companies. Joanie Xie, General Manager of Ripple for North America, stated:

We continue to see increasing interest from financial institutions and cryptocurrency companies seeking to leverage the advantages of blockchain for faster, cheaper cross-border payments available 24/7.

In addition to the licenses obtained in New York and Texas, the crypto company also holds key regulatory approvals such as a BitLicense from New York, a limited-purpose trust company charter from New York, and a large payment institution license from the Monetary Authority of Singapore. These regulatory approvals allow Ripple to strengthen its position in the global digital payment market, covering over 90 markets and representing more than 90% of daily foreign exchange transactions.

A Significant Advantage Over the Competition

Obtaining these licenses in highly regulated markets like New York and Texas paves the way for broader adoption and increased legitimacy of cryptocurrency-based financial services. By increasing the number of its licenses, Ripple gains a significant competitive advantage over other crypto payment providers, especially regarding service to traditional financial institutions that prioritize regulatory compliance.

Ripple’s expansion in the United States through these new money transmission licenses marks a significant milestone in the evolution of digital payments and cryptocurrency. This is achieved by offering transparent and compliant cross-border payment solutions.