Important takeaways
- Ripple has secured Money Transmitter Licenses in New York and Texas, totaling over 50 in the US.
- Ripple’s payments business processed $70 billion in volume, doubling last year with new North American customers.
Ripple has obtained Money Transmitter Licenses (MTL) in New York and Texas, strengthening its position in two major US financial hubs with high demand for efficient cross-border payments from both traditional banks and the growing crypto sector, the company said on Monday press release.
The new licenses bring Ripple’s total US MTL to over 50 and its global regulatory approvals to more than 60. These include key authorizations such as a New York BitLicense, a New York Limited Purpose Trust Company Charter and a Major Payment Institution License from the Monetary Authority of Singapore.
Ripple’s regulatory approvals also include Virtual Asset Service Provider registrations with the Central Bank of Ireland and the Cayman Islands Monetary Authority.
“We continue to see more interest from financial institutions to crypto companies looking to unlock the benefits of crypto and blockchain for faster, cost-effective and 24/7 cross-border payments,” said Joanie Xie, CEO of North America at Ripple.
Ripple Payments has processed $70 billion in payment volume, with network coverage across more than 90 markets representing over 90% of daily currency markets.
The company said its payments business doubled last year and added several North American clients including Bancoli, CambioReal, GeoSwift, AgilityFx, Cloud Payments, Atlantic Xchange and Zil Money.
Ripple is expanding its presence in the US, with about 75% of vacancies based in the country and domestic hiring doubling compared to 2023. Ripple recently opened new, larger offices in San Francisco and New York.
The announcement comes after the SEC on Thursday introduced Personal Accounting Bulletin no. 122 (SAB 122), repeal of former SAB 121. Banks and companies offering crypto custody services can now adjust their accounting to accommodate custodial crypto assets, significantly reducing the accounting challenges they may face.
The move corresponds to the formation of a new crypto working group by the SEC aimed at facilitating practical regulations and pathways for crypto services.
