Ripple secures 2 new money transmitter licenses
Ripple Labs has announced the acquisition of money transmitter licenses in Texas and New York, enhancing its operational capabilities in the United States.
As of January 27, Ripple now holds over 50 licenses across various jurisdictions, a significant milestone for the blockchain payments firm.
These licenses will enable Ripple (CRYPTO:XRP) to offer cross-border payment solutions to users within the U.S., marking a strategic expansion into two of the country's most regulated financial markets.
"Texas and New York have defined regulations and stringent licensing requirements with robust compliance standards and regulatory oversight," Ripple stated, highlighting the importance of these approvals.
The company noted that there is increasing interest from banks and financial institutions seeking efficient real-time payment options, particularly as the crypto landscape evolves.
In addition to these new licenses, Ripple has been actively expanding its workforce, with approximately 75% of its job openings based in the U.S.
This move aligns with the company's growth strategy in response to rising demand for cryptocurrency services.
However, Ripple continues to navigate legal challenges stemming from a Securities and Exchange Commission (SEC) case regarding its XRP token.
Despite facing a $125 million liability ruling in August 2024, both Ripple and the SEC have filed appeals that are currently under judicial review.
Ripple's recent licensing achievements come on the heels of its CEO Brad Garlinghouse announcing the approval of the RLUSD stablecoin by the New York Department of Financial Services, indicating further developments in its product offerings.
At the time of reporting, the XRP (XRP) price was $3.10.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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