Leading blockchain company Ripple is strengthening its position in the USA by gaining two new Money Transmitter Licenses in New York and Texas. This expansion enables Ripple to offer more efficient cross-border payment solutions.
Expansion of Ripple in the USA
Ripple has acquired two new Money Transmitter Licenses (MTLs) in New York and Texas, allowing it to provide transaction management services. With these licenses, Ripple now holds over 55 MTLs across the USA. The company also holds a BitLicense and a New York Limited Purpose Trust Company Charter.
Global Market Positioning
Ripple is actively expanding its presence on the global market. The company has a Major Payment Institution License in Singapore, registrations as a Virtual Asset Service Provider in Ireland and the Cayman Islands, and a preliminary license from the Dubai Financial Services Authority (DFSA). Ripple's North America Managing Director, Joanie Xie, noted a growing interest in using crypto and blockchain for faster and cheaper payments.
Legal Issues in the USA
Ripple faced a lawsuit from the Securities and Exchange Commission alleging XRP was an unregistered security. The court ruled that XRP sales to regular customers were legal, but Ripple was fined $125 million for breaking laws in institutional sales.
Ripple continues to actively develop its services and increase its customer base despite legal challenges. The company is hopeful for the future of crypto with changes in US leadership.
