Ripple expands US operations with new money transfer licenses and hiring push
Ripple acquired Money Transmitter Licenses (MTLs) in New York and Texas, increasing its total to 31 in the US. The company plans to double its hiring efforts this year, focusing on these key states known for strong compliance frameworks. Ripple aims to support financial institutions in utilizing blockchain for efficient cross-border payments. The US received nearly $900 billion in crypto from 2023 to 2024, indicating a significant market for crypto payments. A survey revealed that 29% of retail crypto investors used crypto for payments in 2024, up from 23% in 2022. Ripple will integrate its stablecoin, Ripple USD (RLUSD), into its platform to enhance transaction efficiency, with RLUSD's market cap growing by 42% since its launch. Ripple's hiring has doubled compared to 2023, and it expanded offices in San Francisco and New York. This expansion coincides with evolving US regulations, including the SEC's recent rescindment of restrictive requirements on banks offering crypto custody services.
