Ripple has obtained Money Transmitter Licenses in Texas and New York as it continues to expand its domestic presence in the United States.
Ripple, a digital asset infrastructure firm, has obtained Money Transmitter Licenses in Texas and New York as part of its strategy to broaden its domestic presence in the United States under the new pro-crypto Trump administration.
Ripple Payments informed The Block that MTLs enable customers to utilize a licensed variant of its cross-border payments solution in the United States. Ripple manages transactions end-to-end on behalf of the customer.
Ripple has observed a significant demand for compliant real-time global payment solutions from both banks and crypto firms in both states.
Joanie Xie, Ripple Managing Director of North America, stated, “We are continuing to observe an increase in interest from financial institutions in crypto businesses that are interested in leveraging the advantages of blockchain and crypto to facilitate quicker, more cost-effective, and 24/7 cross-border payments.” “Ripple is well-positioned to provide assistance to companies that are prepared to capitalize on the current landscape, given its extensive experience in both crypto and financial institutions.”
According to its website, the recently acquired licenses expand Ripple and its subsidiaries’ global MTLs to over 55, which includes 33 U.S. states. The Monetary Authority of Singapore has given Ripple a Major Payment Institution License. The Central Bank of Ireland has registered Ripple as a Virtual Asset Service Provider, and the Cayman Islands Monetary Authority has registered Ripple as a Virtual Asset Service Provider. The Dubai Financial Services Authority has also given Ripple an in-principle license approval.
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