Fintech company Ripple Labs announced that it has obtained money transmitter licenses in Texas and New York in a statement released on January 27.
According to the company, these licenses will allow it to offer a cross-border payments solution to US users.
Ripple acknowledged these two states have strict regulations and extensive licensing requirements, but also highlighted the advantages of having strong compliance standards and regulatory oversight.
Approvals in Texas and New York are significant, as they carry significant weight in the cryptocurrency industry, given the high concentration of mining companies in Texas and the presence of digital asset businesses in New York.