Emily Walker
On Monday, Ripple, a blockchain payment company, revealed that it has secured two more Money Transmitter Licenses (MTLs) in the United States—one from New York and the other from Texas.
This expansion elevates Ripple’s total to more than 55 MTLs, highlighting the company’s strong growth trajectory within the regulatory environment.
Ripple Enhances Its Global Presence
Recent reports indicate that these additional licenses empower Ripple to enhance its cross-border payment offerings, allowing for efficient end-to-end transaction management.
Joanie Xie, Ripple’s Managing Director for North America, noted a significant interest from financial institutions and crypto firms looking to harness blockchain technology for faster and more economical payment solutions. She remarked:
With our years of experience in both crypto and traditional finance, Ripple is uniquely positioned to assist companies eager to capitalize on the current landscape.
Ripple’s influence extends globally, with a Major Payment Institution License in Singapore, registrations as a Virtual Asset Service Provider in Ireland and the Cayman Islands, and an in-principal license from Dubai’s Financial Services Authority (DFSA).
Increased Domestic Hiring Amid Supportive Regulations
To date, Ripple has facilitated about $70 billion in payment volume via its blockchain ledger, signifying its growing role in the international financial system. Over the past year, the number of North American customers in Ripple’s payment network has doubled.
Despite ongoing regulatory hurdles, including a lengthy legal dispute with the US Securities and Exchange Commission (SEC) regarding the classification of its XRP token, Ripple maintains a positive outlook for its future prospects in the US.
The SEC had claimed that XRP was an unregistered security; however, a court ruling found that XRP offerings to retail customers were valid, although a $125 million fine was imposed on Ripple for issues related to institutional sales.
With a shift in the political environment, particularly after crypto-friendly regulators were appointed during the Trump administration, optimism has resurfaced in the US crypto sector. Ripple has taken advantage of this favorable climate by increasing its presence domestically, reporting that approximately 75% of its current job openings are within the US and showing significant growth in local hiring compared to 2023.
Despite these advancements, XRP remains steady at $3, unable to surpass its previous high of $3.40 from over seven years ago. Nevertheless, it has achieved impressive gains of 40% over the month and 470% year-to-date.
Image provided by Shutterstock, chart sourced from TradingView.com