Ripple has obtained regulatory approvals to transmit money in New York and Texas, essential for expanding its blockchain-based payment services across these key states. The Money Transmitter Licences ensure Ripple adheres to stringent regulatory standards and operates legally.
This step is part of Ripple’s strategy to enhance its infrastructure for digital asset transactions, focusing on compliance and fostering trust with US customers. The move coincides with a growing trend among financial institutions to adopt blockchain technology to diversify portfolios and improve transaction efficiencies.
Ripple has also added six new North American customers, such as Bancoli and GeoSwift, which suggests an increasing engagement with its technology within the financial sector. The company’s network now spans over 90 global markets.
“We’re continuing to see more interest from financial institutions to crypto businesses that want to unlock 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 who are ready to take advantage of the current landscape.”
Ripple is also scaling up its workforce in the US, having doubled its domestic hiring from the previous year. Seventy-five per cent of its current open positions are based in the US, indicating a significant focus on expanding its operations and market presence in the region.
The company has also upgraded its office spaces in San Francisco and New York to support this expansion and to enhance collaboration with US clients and partners.
Expanding global footprint
Ripple and its subsidiaries hold a variety of global licences, including a NY BitLicense, a NY Limited Purpose Trust Company Charter, and over 55 Money Transmitter Licences that cover its payments, custody, and stablecoin business.
It also has a Major Payment Institution Licence from the Monetary Authority of Singapore, as well as Virtual Asset Service Provider registrations with the Central Bank of Ireland and the Cayman Islands Monetary Authority.
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