Yoshitaka KITAO, CEO of Japanese giant SBI Group, supported SBI partner Ripple on social media and shared a press release from the Ripple team about the next steps in the development of the Ripple Payments solution and the outlook for the crypto industry in the next four years. Now that the political leadership in the US has changed dramatically, the crypto community expects significant changes in the industry in the country over the next four years. Ripple also promises various improvements to its cross-border payment solution.
The press release reports that Ripple recently received 50 key money transmitter licenses in the US — in New York and Texas. Ripple’s presence was quite strong in these two states due to the high demand for real-time cross-border payments not only from crypto companies but also from traditional banks. Ripple has received over 60 licenses for the rest of the world and offers customers fast and low-cost payment transfers around the world. The press release states that banks are gradually losing a significant portion of their market share due to new players entering the market with crypto solutions.
In addition, the company has noticed an increased demand for the use of stablecoins and responded to this last year by releasing its own product — the Ripple USD (RLUSD) stablecoin, pegged to the US dollar. In addition to expanding its licenses and product range, Ripple continues to rely on the US for hiring where 75% of open positions are in the company’s branches located in the US, and, according to the press release, the number of domestic hires has doubled compared to 2023. In 2024, the company expanded its offices in New York and San Francisco.
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