Ripple has announced plans to expand its payments business within the United States. According to Ripple’s senior director and head of product marketing, W. Oliver Segovia, the company’s current focus is predominantly international, with 90% of its business originating from outside the U.S.
In a recent post on LinkedIn, Segovia revealed that Ripple is now prepared to unveil new product updates powered by its money transmitter licenses (MTLs) covering a significant portion of U.S. states. To kick off this initiative, Ripple is hosting an event at its new headquarters in San Francisco on Wednesday, February 7th. The event will feature representatives from prominent payments firms like Adyen, Marqeta, and Plaid, discussing Ripple’s blockchain and payments outlook.
This announcement follows Ripple’s recent update to its crypto-enabled cross-border payments solution, now known as Ripple Payments. The enhanced platform aims to facilitate quicker, cheaper, and more efficient cross-border payments by leveraging blockchain technology.
Monica Long, president at Ripple, highlighted the company’s commitment to addressing real customer needs through technological innovation. The updated Ripple Payments solution offers expanded access to Ripple’s global network of over 70 cryptocurrency and traditional payout markets, providing nearly universal payout coverage through a single onboarding process. Additionally, the solution is now accessible to a broader range of customers, including small- to medium-sized businesses (SMBs), as Ripple has obtained more than 30 licenses across various U.S. states.
In a previous interview with PYMNTS, Pat Thelen, vice president of global account management at Ripple, discussed the transformative potential of blockchain technology in revolutionizing traditional industries. Thelen emphasized the significance of tokenizing real-world assets, which could streamline manual processes and reduce costs significantly.
Overall, Ripple’s expansion efforts in the U.S. underscore its commitment to driving innovation in the payments industry and addressing the evolving needs of businesses worldwide.