key takeaway
- Ripple has secured money transfer licenses in New York and Texas, and has over 50 total in the US.
- Ripple's payments business processes $70 billion in volume and doubled in new North American customers last year.
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Ripple has received money transfer licenses (MTL) in New York and Texas, two major US financial hubs where there is high demand for efficient cross-border payments from both traditional banks and the growing crypto sector. strengthened its position. release.
The new license brings Ripple's total US MTLS to over 50 and global regulatory approvals to over 60. This includes important authorizations such as the New York Bit License, the New York Limited Purpose Trust Company Charter, and the Principal Payments from Money License. Authority of Singapore.
Ripple's regulatory approvals also include virtual asset service provider registration with the Central Bank of Ireland and the Cayman Islands Monetary Authority.
Joanie See, Managing Director, North America, said: With Ripple.
Ripple Payments processes $70 billion in payment volume and has network coverage in over 90 markets representing over 90% of the daily FX market.
The company said its payments business doubled last year, adding several North American customers including Bancoli, Cambioreal, Geoswift, AgilityFX, Cloud Payments, Atlantic Xchange and Zil Money.
Ripple is expanding its US presence, with approximately 75% of open positions based in the country doubling compared to 2023. Ripple recently opened large new offices in San Francisco and New York.
The announcement comes after the SEC on Thursday introduced Staff Accounting Bulletin 122 (SAB 122), repealing the previous SAB 121. Banks and companies offering crypto custody services can adjust their accounting to accommodate crypto assets in custody, significantly reducing and reducing accounting challenges. may be faced.
The move is in response to the formation of a new Crypto Task Force by the SEC, which aims to foster a pragmatic regulatory framework and pathway for crypto services.
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