Key Takeaways
- The firm stated that its Singapore office saw a 50% year-on-year increase in headcount
- The license allows Ripple to offer regulated digital payment token products and scale its customers’ use of its crypto-enabled ODL platform.
Ripple, the global payment solutions provider, has recently announced a significant milestone in its operations. The company has received in-principle approval for a Major Payments Institution License from the Monetary Authority of Singapore (MAS), the central bank and regulator of Singapore.
This license will enable Ripple’s Singapore branch to offer regulated digital payment token products and services, as well as expand the utilization of its crypto-enabled On-Demand Liquidity (ODL) platform among its customers.
The ODL platform, which experienced an impressive 5x growth in Singapore over the past year, allows for efficient and secure cross-border transactions using cryptocurrencies. It has become a vital component of Ripple’s operations, with a majority of the company’s global on-demand liquidity transactions flowing through Singapore.
A majority of Ripple’s global on-demand liquidity transactions flow through Singapore, which serves as the company’s regional Asia-Pacific headquarters; the blockchain payments firm states. To support its expansion efforts and meet the growing demand for its services, Ripple’s Singapore office has witnessed a remarkable 50% increase in headcount.
The addition of 50 full-time staff members across various functions, including business development, compliance, finance, legal, and sales, showcases the company’s commitment to strengthening its presence in Singapore.
With the Major Payments Institution License in hand, Ripple can now further enhance its digital payment token offerings and services, particularly in the realm of cross-border transfers involving XRP, a cryptocurrency closely associated with the company.
Ripple’s primary customer base consists of banks and financial institutions, and the license will enable them to leverage the regulated products and services provided by Ripple in a more seamless and secure manner.
The latest development comes amid many industry experts speculating that the Ripple vs. SEC lawsuit is nearing its ending date. Ripple was sued by the SEC in December 2020 for using unregistered security to raise funds. The lawsuit alleged that Ripple raised over $1.3 billion through illegitimate means.
If the SEC wins the case, XRP (the native cryptocurrency of the Ripple Blockchain) will be considered a security rather than a currency in the United States.
