Blockchain payment company Ripple is celebrating the two Money Transmitter Licenses (MTLs) it recently received in New York and Texas. This is quite significant, considering that the San Francisco-based firm is making efforts toward expanding its operations in the United States. Due to the new pro-crypto administration, expansion in the US has suddenly become a goal for several crypto-focused firms.
With the MTLs, Ripple can offer its cross-border payment services to customers in this region. According to the company, there has been increasing demand in both states for compliant real-time global payment solutions from banks and crypto firms. A handful of this strong demand stems from the need for faster, cost-efficient, and available payment services.
Joanie Xie, Ripple Managing Director of North America, says, “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.”
She is confident that Ripple’s years of experience with crypto and financial institutions positions it to lead firms ready to leverage the shift in America’s crypto landscape.
The San Francisco-based firm and its subsidiaries have successfully amassed 55 MTLs, with more than half from 33 US states. Some of the other licenses held by Ripple are a New York BitLicense and Limited Purpose Trust Company Charter, a Major Payment Institution License from the Monetary Authority of Singapore, and a Virtual Asset Service Provider registration with the Central Bank of Ireland.
The Brian Armstrong-led firm also holds a Virtual Asset Service Provider registration with the Cayman Islands Monetary Authority and an in-principle license approval from the Dubai Financial Services Authority.
By all means, Donald Trump’s inauguration has liberated the US crypto ecosystem. In just one week, Trump implemented several changes to benefit the burgeoning sector, which had been previously stifled. Amongst the numerous changes, the elimination of SAB 121 by the Securities and Exchange Commission (SEC) has brought revival for the sector.
As it stands, traditional banks can now custody digital , which is already making the asset class more attractive to institutional investors.
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