Ripple Two Money Transmitter Licenses, in New York State and Texas state. These are key states for the company’s cross-border payments solutions.
With the addition of the licenses for Texas and New York, the number of Ripple-MTLs operating in the US now stands at 31. As part of the firm’s expansion plans, it also said that its recruitment efforts would be doubled this year.
Both Texas and New York are known for their robust compliance frameworks, with the latter’s BitLicense and Limited Purpose Trust Company Charter representing some of the highest regulatory standards in the financial sector.
Joanie Xie, Ripple’s Managing Director for North America, stated:
“Financial institutions and crypto businesses are increasingly unlocking the benefits of blockchain for faster, cost-efficient, and 24/7 cross-border payments. Ripple’s experience in both crypto and financial services makes us uniquely positioned to support institutions ready to capitalize on this landscape.”
The US received nearly $900 billion worth of crypto between 2023 and 2024, according to Chainalysis’s “2024 Geography of Crypto Report.”In this regard, it is by far the largest nation.
Retail investors increasingly use crypto payment. An EY-Parthenon Survey Over 1,000 retail crypto investors were surveyed and 29% said they would use crypto to make payments by 2024. This is a 6 percent increase from 2022.
The US could be a market to explore for crypto-payments. Ripple has also increased its US-based presence with 75% open positions.
Later this year, the company will integrate RippleUSD (RLUSD), a stablecoin designed for enterprise use, into its payment platform to enhance efficiency of cross-border transactions.
According to a dashboard from CryptoQuant, RLUSD’s market cap grew by 42% since its official launch on Dec. 17, reaching nearly $100 million.
The company’s hiring has doubled compared to 2023, and it has recently expanded its offices in San Francisco and New York to accommodate its growing workforce.
Ripple’s expansion comes amid rapid regulatory evolution in the US. Yesterday, the Securities and Exchange Commission – SEC – announced that Ripple has expanded its services. Revocation SAB121 is a new rule which would have required banks to offer services of crypto-custody under strict conditions.
This was the first action of the SEC’s Crypto task force newly formedHester Peirce is the Commissioner of the. “Crypto Mom”For her positive attitude towards crypto.
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