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In a latest development, Ripple has obtained Money Transmitter Licenses (MTLs) in New York and Texas, further expanding its presence in the U.S. These licenses enable Ripple to offer compliant cross-border payment services, enhancing its ability to provide financial institutions and crypto businesses with faster, more efficient payment solutions. This news comes as firms are prepared for a crypto-friendly regulatory regime under President Donald Trump.
Notably, MTLs allow Ripple Payments customers to access a licensed version of its cross-border payments solution in the U.S., where transactions are managed end-to-end by Ripple on behalf of the customers.
The company noted in its website that the newly-acquired licenses bring Ripple and its subsidiaries’ global MTLs to more than 55, including 33 U.S. states.
“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, Ripple Managing Director of North America, noted.
“With years of experience working in both crypto and with financial institutions, Ripple is well-positioned to support companies who are ready to take advantage of the current landscape.”