Ripple has significantly expanded its US operations by acquiring new Money Transmitter Licenses (MTLs) in New York and Texas, two pivotal states for its cross-border payment solutions. The company also announced plans to double its hiring efforts in 2024, reinforcing its commitment to growth in the US market.
Key Developments in Ripple’s Expansion
New Licenses and Regulatory Compliance
- The newly acquired licenses in Texas and New York bring Ripple’s total number of MTLs in the US to 31.
- Both states are known for their robust compliance frameworks, with New York’s BitLicense and Limited Purpose Trust Company Charter representing some of the highest regulatory standards in the financial sector.
Joanie Xie, Ripple’s Managing Director for North America, emphasized the company's strategic positioning:
“Financial institutions and crypto businesses are increasingly unlocking the benefits of blockchain for faster, cost-efficient, and 24/7 cross-border payments. Ripple’s experience in both crypto and financial services makes us uniquely positioned to support institutions ready to capitalize on this landscape.”
Growth in Crypto Payments and Market Potential
- The US received nearly $900 billion worth of crypto between 2023 and 2024, according to Chainalysis’s 2024 Geography of Crypto Report.
- A survey by EY-Parthenon revealed that 29% of crypto retail investors used crypto for payments in 2024, a 6% increase from 2022.
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Hiring and Infrastructure Expansion
- Ripple has doubled its hiring efforts compared to 2023, with 75% of its open positions based in the US.
- The company has expanded its offices in San Francisco and New York to accommodate its growing workforce.
Stablecoin Integration and Market Performance
- Ripple plans to integrate its enterprise-grade stablecoin, Ripple USD (RLUSD), into its payments platform later this year.
- RLUSD’s market cap grew by 42% since its launch on Dec. 17, reaching nearly $100 million.
Regulatory Evolution and SEC Developments
Ripple’s expansion coincides with rapid regulatory changes in the US:
- The SEC recently rescinded SAB 121, a rule that would have imposed restrictive requirements on banks offering crypto custody services.
- This action was led by the SEC’s newly created crypto task force, headed by Commissioner Hester Peirce (“Crypto Mom”).
FAQs
Why did Ripple acquire new MTLs in New York and Texas?
These licenses enhance Ripple’s ability to offer compliant cross-border payment solutions in two of the most regulated financial markets in the US.
How is Ripple addressing the growing demand for crypto payments?
By doubling its hiring efforts, expanding offices, and integrating RLUSD, Ripple is scaling its infrastructure to meet increasing market demand.
What impact does the SEC’s regulatory shift have on Ripple?
The rescission of SAB 121 reduces barriers for banks in crypto custody, potentially creating a more favorable environment for Ripple’s services.
👉 Learn more about Ripple’s innovative payment solutions
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