Ripple is set to expand its payments business in the U.S., as 90% of its current business is based outside of the country. The company has announced plans to introduce new product updates driven by their money transmitter licenses, covering the majority of U.S. states. An event is scheduled to be held at Ripple’s new headquarters in San Francisco, featuring representatives from various payments firms to discuss the company’s blockchain and payments outlook. This announcement comes after Ripple made headlines with updated cross-border payments solution, Ripple Payments, previously known as RippleNet.
In its efforts to optimize the cross-border payments experience through transformative technology, Ripple Payments now offers expanded access to the company’s network of over 70 cryptocurrency and traditional payout markets, providing close to 100% global payout coverage through a single onboarding. Furthermore, the solution is being rolled out to a wider customer base, including small- to medium-sized businesses (SMBs), and more than 30 licenses have been secured across the United States. Additionally, Ripple has been making strides in advancing the payments industry through blockchain-led innovations, specifically in the tokenization of real-world assets and the application of technology to industries with manual processes and latency.
Overall, Ripple’s move to expand its payments business in the U.S. marks a significant opportunity to leverage the blockchain for quicker, cheaper, and more efficient cross-border payments. With new product updates and enhanced access to the company’s global network, Ripple is setting the stage for continued growth and innovation in the realm of cryptocurrency and blockchain technology, presenting real opportunities for cost reduction and improved use cases in the payments industry. These advancements emphasize Ripple’s commitment to creating products that solve real problems for real customers and signal a strategic shift to strengthen its presence in the U.S. market.