Ripple Secures Money Transmitter Licenses in Texas and New York

Ripple Labs had obtained money transmitter licenses in Texas and New York, marking a significant step forward in its operations in the United States.

In its announcement on January 27, the blockchain firm noted that it recorded a “strong demand for real-time global payments from banks and crypto businesses” in Texas and New York. It noted that the licenses allow it to expand its cross-border payment solutions in the states and the country

“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,”

Joanie Xie, Ripple’s regional director for North America, stated.

The company also noted the licenses enable its help customers to conduct transactions across the over 60 jurisdictions globally where it holds licenses.

This development comes on the heels of Ripple’s recent progress with its stablecoin offering. In December, CEO Brad Garlinghouse announced that the New York Department of Financial Services had approved the company’s RLUSD stablecoin, and it is set to be listed on cryptocurrency exchanges. The company noted in its latest announcement it plans to integrate the stablecoin its payment services platform later this year.

Meanwhile, Ripple continues to face criticism from industry leaders. Chief Technology Officer David Schwartz recently addressed claims by Pierre Rochard, Vice President of Research at Bitcoin miner Riot Platforms, that XRP Ledger (XRPL)’s decentralization can be potentially undermined. Rochard stated that the blockchain firm could do that by forking the platform’s software, modifying escrow locks or introducing trillions of XRP into circulation.

Schwartz defended XRPL’s integrity, stating that it operates on a governance system driven by node rules, not validators. He noted that XRPL’s consensus model offers a faster, cheaper, and more censorship-resistant alternative to Bitcoin’s proof of work.

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