Key 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.
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Ripple has obtained Money Transmitter Licenses (MTLs) 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 shared in a Monday press release.
The new licenses bring Ripple’s total US MTLs 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’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,” said Joanie Xie, Managing Director of North America at Ripple.
Ripple Payments has processed $70 billion in payments volume, with network coverage across more than 90 markets representing over 90% of daily FX markets.
The company said its payments business doubled last year, adding several North American customers including Bancoli, CambioReal, GeoSwift, AgilityFx, Cloud Payments, Atlantic Xchange, and Zil Money.
Ripple is expanding its US presence, with approximately 75% of open positions based in the country and domestic hiring doubled compared to 2023. Ripple recently opened new, larger offices in San Francisco and New York.
The announcement comes after the SEC on Thursday introduced Staff Accounting Bulletin No. 122 (SAB 122), repealing the prior SAB 121. Banks and firms offering crypto custody services can now adjust their accounting to accommodate custodial crypto assets, substantially reducing the accounting challenges they may face.
The move corresponds with the formation of a new crypto task force by the SEC aiming to facilitate practical regulatory frameworks and pathways for crypto services.
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