Ripple announced that it has obtained Money Transmission Licenses (MTL) in New York and Texas, strengthening its presence in two major US financial centers where demand for efficient cross-border payments is high for both traditional banks and the growing crypto sector. The company shared this development in a press release published on Monday.
Ripple increased the number of licenses in the USA
With the new licenses, Ripple’s total number of Money Transfer Licenses in the US has increased to over 50, and its global regulatory approvals have increased to over 60. These approvals include important authorizations such as the New York BitLicense, the New York Limited Purpose Trust Company Certificate of Authorization and the Primary Payment Institution License from the Monetary Authority of Singapore. Ripple’s regulatory approvals also include Crypto Asset Service Provider registrations from the Central Bank of Ireland and the Cayman Islands Monetary Authority. Ripple North America General Manager Joanie Xie said:
We continue to see more interest from financial institutions and crypto businesses looking to explore the benefits of crypto and blockchain technology for faster, cost-effective and 24/7 cross-border payments.
Payments doubled
Ripple Payments has processed $70 billion in payment volume through its network operating in over 90 markets, representing more than 90% of daily foreign exchange (FX) markets. The company said it doubled its payments business last year and added many North American customers, including Bancoli, CambioReal, GeoSwift, AgilityFx, Cloud Payments, Atlantic Xchange and Zil Money. Ripple is expanding its presence in the US. Approximately 75% of job openings are based in the US, and the hiring rate in the country has doubled compared to 2023. Ripple recently opened new, larger offices in San Francisco and New York.
This announcement comes after the SEC on Thursday rescinded Staff Accounting Bulletin No. 121 (SAB 121) and replaced it with a new bulletin No. 122 (SAB 122). Banks and companies offering crypto custody services will now be able to significantly reduce the accounting difficulties they may encounter by adapting their crypto assets under custody to their accounting records. This move comes as the SEC established a new crypto task force aimed at developing practical regulatory frameworks and pathways for crypto services.
