Ripple has recently increased its efforts in expanding its business after obtaining the Money Transmitter Licenses (MTLs) in New York and Texas. The recently obtained licenses enhance the company’s footprint in the United States. This enables the company to operate having licenses in 33 of the 50 states alongside over 55 countries globally.
Expanding Operations with Money Transmitter Licenses
Notably, the MTLs in New York and Texas make it easier for Ripple to provide a licensed version of its cross-border payment systems.
These solutions facilitate the entire transaction process for the customers. As more and more consumers look for clear, instant cross-border payment options. Ripple’s expansion in the US matches the growing trend of financial and crypto companies exploring blockchain.
In addition, Ripple Payments Managing Director Joanie Xie explained that the company features distinct abilities to assist blockchain-powered enterprises in running processes more efficiently. Ripple’s expanding regulatory credibility now includes multiple licenses alongside its New York BitLicense and Singapore, Ireland, and Dubai approvals.
Ripple Payments Achieves $70 Billion in Volume
In 2024, Ripple Payments processed $70 billion in payments in over 90 markets. This accounted for 90% of daily foreign exchange markets. This accomplishment shows how the company helps banks and crypto companies make international transactions easier and more effective.
Ripple Payments has been keen on improving the technology and network to suit a general market of clients. The increasing number of services offered by the company and the high transaction throughput demonstrate how blockchain technologies are being integrated into the world financial system.
The $70 billion milestone arrives as Ripple is still expanding its customer base in North America and other areas. It has continuously injected capital into technologies and infrastructures to accommodate the growing market.
Increased U.S. Hiring Amid Changing Regulatory Landscape
More so, the company has expanded its U.S. employee base. In fact, over 75% of Ripple’s new hires are based in the country.
The hiring rate increased in 2024 due to the company opening new and larger offices in New York and San Francisco. This growth has been legislated to a positive regulatory outlook under the Trump policies. They have promoted the development of the digital assets market.
Besides, the appointment of Paul Atkins as SEC Chair has been applauded by industry players. As Atkins is being seen as an ally of the crypto industry. Ripple and other companies are hoping for the government to foster a better ecosystem for blockchain and cryptocurrency businesses.
Ripple’s Focus on Compliance and Innovation
Moreover, Ripple has also ensured that it complies with the laws of the world because it still seeks licenses to operate legally. The regulatory environment has been a critical factor in the company’s expansion plan since the company has been able to negotiate through complicated legal systems.
The launch of its RLUSD stablecoin in December 2024, approved by the New York State Department of Financial Services, marks another milestone. Launched first on the XRP Ledger and Ethereum, RLUSD is expected to be introduced into Ripple Payments in 2025 to expand its services in the payment market.