Ripple Gains Ground: Secures Money Transmitter Licenses In NY And Texas

Blockchain payment company Ripple has announced the acquisition of two additional Money Transmitter Licenses (MTLs) in the United States, one from New York and another from Texas on Monday. 

This brings Ripple’s total to over 55 Money Transmitter Licenses across its payments, custody, and stablecoin operations, underscoring the company’s robust growth in the regulatory landscape.

Ripple Expands Global Reach

According to recent reports, with these new licenses, Ripple is now better positioned to provide its customers with enhanced cross-border payment solutions, enabling the company to manage end-to-end transactions effectively. 

Joanie Xie, Managing Director of North America at Ripple, highlighted the increasing interest from financial institutions and crypto businesses eager to leverage the benefits of blockchain technology for faster and more cost-efficient payment processes. She stated:

With years of experience working in both crypto and with financial institutions, Ripple is well-positioned to support companies that are ready to take advantage of the current landscape.

Ripple’s achievements extend beyond US borders, as the company holds a Major Payment Institution License in Singapore, Virtual Asset Service Provider registrations in Ireland and the Cayman Islands, and an in-principal license from Dubai’s Financial Services Authority (DFSA). 

Ramps Up Domestic Hiring Amid Crypto-Friendly Regulations

To date, Ripple has processed approximately $70 billion in payment volume on its blockchain-based ledger, reflecting its growing influence in the global financial ecosystem. The company has also seen a doubling of North American customers within its payment network over the past year.

Despite facing regulatory challenges, including a protracted legal battle with the US Securities and Exchange Commission (SEC) regarding the status of its XRP token, Ripple remains optimistic about its future in the US. 

The SEC alleged that XRP constituted an unregistered security; however, a court ruling determined that XRP offerings to retail customers were legitimate, although Ripple was fined $125 million for violations concerning institutional offerings.

The recent shift in the political landscape, particularly with the Trump administration’s appointment of crypto-friendly regulators, has fostered an optimistic outlook for the crypto industry in the US, capitalizing on this favorable environment by ramping up its domestic presence. 

The company has reported that approximately 75 percent of its open positions are now based in the US, with a notable increase in domestic hiring compared to 2023.

Despite these advances, XRP consolidates at $3, failing to break above its current record high of $3.40, which was set over seven years ago. Nonetheless, the altcoin still holds onto substantial gains of 40% and 470% on a monthly and year-to-date basis, respectively. 

Related: XRP, Bitcoin Could React to Inflation Data

Related: $2.3 Trillion Liquidity Shock: Franklin Templeton Says XRP Is Next in Line for Massive Inflows

Featured image from Shutterstock, chart from TradingView.com