Ripple Secures Money Transmitter Licenses in New York and Texas, Expanding US Operations
Digital asset infrastructure company Ripple has announced securing Money Transmitter Licenses (MTLs) in New York and Texas.
With these new licenses, Ripple now holds over 50 MTLs. Both Texas and New York have strict regulatory frameworks and high compliance standards.
Ripples MTL Expansion
According to the official press release, Ripple Payments Money Transmitter Licenses (MTLs) allow US customers to utilize a compliant version of its cross-border payments platform, with the blockchain company handling all transaction processes end-to-end.
Commenting on the development, Ripples Managing Director of North America, Joanie Xie, stated,
Were 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. 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.
So far, Ripple Payments has supported $70 billion in payment volume, ensuring 24/7 service and global reach across more than 90 markets. The company also claimed that Ripple Payments had covered more than 90% of daily foreign exchange activity. Last year, the business saw a twofold increase and welcomed several new customers from North America.
Trump Effect on Ripple
Ripple is now redirecting its focus to domestic opportunities following Donald Trumps presidential win in November 2024. Citing the Trump effect, the company had previously revealed that it is expanding its operations in the US by focusing on domestic recruitment, with around 75% of its current job openings based in the country and hiring rates doubling compared to 2023. Additionally, Ripple has set up two larger offices in San Francisco and New York.
This is in contrast to the past four years when most of Ripples recruitment was focused overseas due to regulatory pressures from the Gary Gensler-led Securities and Exchange Commission (SEC); the company is now shifting focus back to domestic opportunities after reportedly facing constraints on its US business operations.
The post Ripple Secures Money Transmitter Licenses in New York and Texas, Expanding US Operations appeared first on CryptoPotato.
Text source: CryptoPotato
