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In Western countries, the spread of Ripple is steadily increasing. Ripple was planning to expand its business outside of the United States. Recently, the US-based Ripple was waiting to get a license from Ireland to increase its profits.
Ripple was applied to the virtual asset service provider (VASP) at the Irish central bank. If Ripple gets the VASP license, it can easily open its market throughout the European Union. It is also trying to apply for an electronic money license. Recently, Ireland provided a VASP license to one of the most popular crypto exchanges, Gemini.
Procedures For Obtaining A License To Exchange Digital Currency In Ireland
There is no separate jurisdiction in Ireland to regulate cryptocurrencies in the nation, but there is a procedure to follow for getting a license. The Central Bank of Ireland provides services related to virtual assets.
- Digital asset exchanges for fiat currency
- Involvement in more than one type of virtual asset trade
- Transfer of digital assets
- Storage wallet services
The Idea Of Expanding Ripple In The European Union
For the last two years, the EU government has wanted to launch the Markets in Crypto Assets (MiCA) framework for the crypto industry. This framework will help to combat crypto fundraising schemes in the EU nations. As a result, the organizations decided to develop a framework that would assist EU nations in maintaining their top position in cryptocurrency payment. It was stated at a recent Ripple Swell meeting that the entity intended to introduce Ripple in European countries.
“I think MiCA will become a good start for expanding Ripple in European nations,” Alderoty stated.
Ripple’s Recent Crypto Market Achievements
With the growing need in communities, Ripple is expanding its payment method beyond financial institutions to include trade, agriculture, e-commerce, technology, and the supply chain. Recently, Ripple came up with a creative concept to build a breakthrough crypto solution for a world without economic borders. In this connected world, the demand for cross-border payments is very high, with nearly $156 trillion worth of cross border payment flows in 2022 alone.
“Ripple has been at the center of the relationship between enterprises and crypto natives for over ten years.”
To overcome cross border payments, Ripple introduced the On-Demand Liquidity (ODL) solution in 2008. Recently, Rippled partnered with MFS Africa, one of the leading fintech companies with the largest mobile money footprint in Africa. Africa holds 70% of the world’s $1 trillion in mobile money value, and ODL will further enhance digital payment rails across the continent.
Recently, Ripple took the following steps on its platform to gain a competitive advantage in the business market:
- To improve operations
- To increase agility
- To lower the costs
- And to provide better service for the providers
To provide transparency and to maintain regular updates, Ripple announces the quarterly XRP markets and its quarterly sales on the platform. According to the data, it was the first time that, out of total supply, Ripple XRP holdings were less than 50%. The total XRP sales of Ripple in this quarter’s report were $310.68 million (USD).
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
