Oliver Segovia, a Senior Director and the head of Product Market for payments at Ripple, has recently hinted at a major announcement for the company’s customers and users in the US.
Segovia revealed, as first reported by CryptoPotato that Ripple is set to launch new product updates in the U.S., leveraging its money transmitter licenses (MTLs) that span most states in the country.
The hint suggests that Ripple’s push to expand its payment solutions domestically, despite facing regulatory challenges, including a significant lawsuit with the U.S. Securities and Exchange Commission over the classification of XRP as a security, is moving forward.
After being relatively quiet for the past 3 years in the US for Ripple Payments, we’re geared up to announce new product updates powered by our money transmitter licenses (MTLs) that cover the majority of US states.
Ripple Payments utilizes XRP as a bridge currency to offer faster transaction speeds and lower fees than traditional financial systems. Until now, Ripple’s focus has primarily been outside the U.S., with 90% of its business conducted internationally.
Segovia also mentioned that the company is actively recruiting in the U.S., signifying a strategic effort to strengthen its operations and support its expansion within the country.
The announcement comes at a time in which large XRP token holders, colloquially known as whales, have seemingly been accumulating the native token of the XRP Ledger to the point they now control 67.2% of the cryptocurrency’s circulating supply, the largest amount since December 31, 2022.
Ripple is a major player in the XRP space and uses the cryptocurrency in its payments solutions, including in Ripple Payments.
The accumulation came as the XRP Ledger has recently approved the launch of a built-in automated market maker (AMM) trading platform into the ledger, allowing XRP token holders to earn income on-chain.
Featured image via Pixabay.