Ripple Payments Approved by Leading US Regulator

ripple

The New York State Department of Financial Services (NYDFS) has granted a license to crypto exchange and Ripple partner Bitstamp.

The company, based in Luxembourg, can now offer its services in New York, including the ability to deploy Ripple’s suite of cross-border payment solutions.

“DFS has authorized Bitstamp USA to offer services providing its customers with the ability to buy and sell bitcoin, along with select other virtual currencies, for USD and vice versa.

Bitstamp USA is also authorized to facilitate transfers of funds onto the Ripple Network, issuing Ripple Balances in USD, other virtual currencies, and select fiat currencies, including the Australian Dollar, British Pound, Euro, Swiss Franc, and Japanese Yen.”

Ripple CEO Brad Garlinghouse revealed the company’s partnership with Bitstamp back in December, making Bitstamp the fourth crypto exchange to support Ripple’s XRP-powered xRapid.

The three other crypto exchanges on board with the payment platform are US-based Bittrex, Mexico-based Bitso and Philippines-based Coins.php. The exchanges are a crucial component of xRapid, and will accept fiat from banks and financial institutions, convert it to XRP and send the digital asset overseas, where it is then instantly converted back to fiat.

Ripple launched xRapid for commercial production back in October. So far, a total of 13 companies have announced they will adopt the technology.

Ripple and XRP enthusiasts are watching for signs of xRapid’s use in the real world. Global currency exchange provider Mercury FX is the most open about its active use of the technology. Last month, the company reported its first xRapid transfer from the UK to the Philippines, on behalf of a client who sent money overseas to pay for his honeymoon. The company has also sent a number of payments with xRapid from the UK to Mexico.

“We appreciate New York’s solid regulatory framework – the nation’s first – to protect consumers using cryptocurrencies and look forward to expanding our growing business in the state,” said Nejc Kodrič, CEO of Bitstamp. “Bitstamp has always embraced regulatory efforts that focus on transparency and accountability to help expand the industry and bridge the gap between the traditional financial and cryptocurrency worlds.”

 Mercury FX says it’s aiming to have around 10 payment routes up and running by the middle of the year, including corridors to Canada and the Middle East.
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