The turn of the year signifies new beginnings for the blockchain and crypto space, and Ripple claims that it has hit the ground running with advances to its cross-border payments solution.
Additionally, Ripple said in a blog post that industry players across the US are optimistic about what the next four years has in store as a “progressive” crypto administration takes office.
Ripple also mentioned that financial institutions that are eager to stay ahead of the curve are moving to “capitalize on crypto—both to diversify portfolios and to optimize efficiency through blockchain solutions.”
The Fintech firm also noted that crypto-enabled cross-border payments is one use case that has proven “valuable to global finance leaders, more than 90% of which believe blockchain and digital assets will have a massive or significant impact on finance in the next three years.”
Ripple, the provider of digital asset infrastructure for financial institutions, has secured key Money Transmitter Licenses (MTLs) in New York and Texas—two states where Ripple has seen “demand for real-time global payments from both banks and crypto businesses—bringing the total to more than 50 MTLs. Texas and New York have defined regulations and stringent licensing requirements with robust compliance standards and regulatory oversight.”
With over 60 licenses globally, Ripple says that it can offer its customers access to a “compliant-first,” global payments experience that “leverages the capabilities of digital assets.”
MTLs allow Ripple Payments customers to access “a licensed version of the cross-border payments solution in the US where transactions are managed end-to-end by Ripple on behalf of the customer.”
Ripple has been working to secure global licenses.
Ripple and its other subsidiaries collectively hold:
- a NY BitLicense
- NY Limited Purpose Trust Company Charter
- 55+ MTLs across Ripple’s payments, custody and stablecoin business
- a Major Payment Institution License from the Monetary Authority of Singapore
- a Virtual Asset Service Provider registration with the Central Bank of Ireland
- a Virtual Asset Service Provider registration with the Cayman Islands Monetary Authority
- in-principle license approval from the DFSA
Additionally, customers can access Ripple’s global payments network through a single integration where “streamlined onboarding offers the agility and speed necessary to keep up with the rapidly evolving payments market.”
Last year reportedly saw banks lose a small share of the cross-border payments market to new players, indicating “a trend that will likely drive banks to rethink strategies to stay competitive.”
Ripple is continuing to expand its US footprint by “investing in domestic talent; ~75% of open positions are based in the US and domestic hiring has doubled compared to 2023.”
Last year, Ripple reportedly opened larger offices in San Francisco and New York, signaling “positive business momentum in the US.”