Software and blockchain company Ripple has earned two new US money transmitter licenses (MLTs), allowing more customers to use its licensed cross-border payment solution.
The newly acquired licenses are for the states of New York and Texas, with Ripple claiming it has already seen incredible demand for real-time global payment solutions from banks and crypto businesses in these two states.
Ripple has over 50 money-transmitting licenses globally
After securing its money transmitter licenses in New York and Texas, Ripple now has over 55 global money transmitter licenses, 33 of which are in US states. It has even received more than 60 regulatory approvals worldwide.
Aside from MLTs, Ripple also has a New York BitLicense. It also has other licenses outside the US, including a Major Payment Institution License in Singapore, a Virtual Asset Service Provider registration in Ireland and the Cayman Islands, and an in-principal license from the Dubai Financial Services Authority.
With its latest license acquisitions, Ripple will still oversee all transactions across its licensed cross-border payment solution, managing end-to-end transactions on its customers’ behalf. Ripple says it saw heightened demand for global payment solutions in New York and Texas, having analysts refer to its acquisitions as “strategic.”
Joanie Xie, Ripple’s Managing Director of North America, remarked:
We’re 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.
Joanie Xie
Xie believes Ripple can support companies that are prepared to work with crypto and traditional financial institutions.
Ripple has now processed roughly $70 billion in payment volume and has network coverage across over 90 markets. The firm’s payments business also doubled in 2024, widening its North American reach. The firm’s new North American customers include AgilityFX, Bancoli, CambioReal, and GeoSwift.
Ripple is still battling with the SEC in court
Ripple has had confrontations with the SEC for a while now. In 2020, the commission argued that Ripple‘s token sale of XRP was illegal since it was still an unregistered security, stirring a long chain of court cases.
In 2023, Ripple won partial favor with the US District Court for the Southern District of New York over its XRP sales. The firm was only fined for its direct token sale to institutional investors, paying $125 million.
Later, in 2024, the SEC filed an appeal, hoping to overturn the court’s decision. The commission and Ripple are still battling in court; however, the firm remains optimistic that a new SEC chair could lessen their legal burdens.
Moreover, on Thursday, the regulatory commission announced the repeal of SAB 121, which allows banks to accommodate custodial crypto assets. This is great news for multiple crypto businesses, including Ripple.
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