Ripple gears up to revolutionize cross-border payments in the US by broadening its payment services and employing XRP as the primary bridge currency.
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Ripple, a leading entity in real-time gross settlement systems, has revealed its intention to expand Ripple Payments services across the United States, as stated by Senior Director W. Oliver Segovia.
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Although its presence in the United States has been somewhat muted over the last three years, Ripple intends to launch new product upgrades that are powered by its money transmitter licenses (MTLs), which cover a significant number of states.
Ninety percent of Ripple’s business is done outside of the US, therefore the company is looking to capitalize on its international reputation by improving its offerings in the US. It is anticipated that the upcoming product improvements would leverage Ripple’s expertise in payments and blockchain technology to provide simplified cross-border transaction solutions within the United States.
At its freshly created San Francisco offices, Ripple will organize a meet-up to officially launch this development. The program will include a panel discussion moderated by U.S. Managing Director Joanie Xie and guided by product heads Brendan Berry and Pegah Soltani. David Schwartz, the Chief Technology Officer, will also participate in a conversation about the future of payments and blockchain technology at Ripple in 2024.
In keeping with its expansion plans, Ripple is now hiring in a number of international cities, including Bangalore, San Francisco, Toronto, and London.
Explained: Ripple Payments
Ripple Payments, which employs XRP as a bridge currency, offers advantages including rapid transaction completions in seconds, lower costs than conventional methods, transparent transactions through a public ledger, and enhanced security via a consensus mechanism.
With this growth, Ripple is putting itself in a position to play a major role in redefining cross-border payments within the US. This is a calculated strategic move.
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