Ripple (XRP ($2.94)) has strengthened its presence in the United States by obtaining Money Transmitter Licenses (MTLs) in New York and Texas.
MTLs allow Ripple to offer a licensed version of its cross-border payments solution within the U.S. and manage transactions end-to-end on behalf of its customers. The company said the development will increase access to compliant real-time global payments solutions for both banks and crypto firms.
Ripple’s North America General Manager Joanie Xie noted the growing demand for blockchain-powered solutions. “We are seeing increasing interest from financial institutions and crypto businesses looking to enable faster, more cost-effective, 24/7 cross-border payments,” Xie said.
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The new licenses bring Ripple’s global MTL ($1.12) count to over 55, including 33 in the US. Ripple also has major regulatory approvals, including the New York BitLicense, a Major Payments Institution License in Singapore, and in-principle approvals from Dubai and other global regulators.
Ripple attributes its expansion to the positive change in US crypto regulations under President Donald Trump.
Ripple believes that this regulatory environment will create significant opportunities for digital asset innovation in the coming years. “Industry participants are optimistic about the administration’s pro-crypto stance and the evolving regulatory environment,” the company said.
The company reported an increase in hiring and operations in the US, with 75% of job postings now domestic. Ripple has doubled its US workforce by 2023 and expanded its offices in New York and San Francisco.
*This is not investment advice.
Continue Reading: Ripple (XRP) Announces Giant Development Inside the US
