Financial tech company Ripple, known for its digital payment system, has announced its intention to expand its Ripple Payments services within the US.
The announcement was made by Senior Director and Head of Product Marketing W. Oliver Segovia, signaling a potentially significant move for the company.
“After being relatively quiet for the past [three] years in the U.S. for Ripple Payments, we're geared up to announce new product updates powered by our money transmitter licenses (MTLs) that cover the majority of U.S. states,” Segovia stated.
Ripple Payments, formerly known as RippleNet, leverages blockchain technology to facilitate faster and cheaper cross-border transactions.
While already operating in over 55 countries, this marks Ripple’s notable effort to gain a foothold in the US market.
Specific details regarding the timing and scope of the expansion remain undisclosed.
However, Segovia's announcement highlights the company's recent acquisition of over 30 money transmitter licenses across the US, suggesting a strategic approach to navigate regulatory hurdles.
To mark the Ripple Payments expansion, the company is hosting a fintech meetup at its San Francisco headquarters on February 7.
The event will feature a panel on blockchain payments led by key Ripple figures Heads of Product Brendan Berry and Pegah Soltani, and US Managing Director Joanie Xie. CTO David Schwartz is also expected to join the discussion.
