Singapore grants an in-principle payments license to cryptocurrency company Ripple
In a rare instance of positive news for the bitcoin business abroad as it battles tightening regulations at home in the United States, blockchain startup Ripple announced Thursday that it has gained in-principle regulatory authorization to operate in Singapore.
The Monetary Authority of Singapore, the nation's central bank, gave Ripple in-principle permission for a Major Payment Institution Licence, according to Ripple.
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The license would enable Ripple to extend cross-border transfers of XRP, a cryptocurrency the business is intimately connected with, among its clients, which include banks and financial institutions, as well as provide regulated digital payment token goods and services.
The price of XRP reached about 50 cents late on Wednesday night. Using XRP as a sort of "bridge" across currencies, the business's on-demand liquidity solution, according to the company, enables payment providers and banks to conduct cross-border transactions considerably more quickly than they would using standard payment rails.
Similar to the worldwide interbank messaging system SWIFT, Ripple also runs a blockchain-based international messaging system called RippleNet to enable large-scale capital transfers between banks and other financial institutions.
Ripple, co-founder Christian Larsen, and CEO Brad Garlinghouse were accused by the Securities and Exchange Commission of executing an unlawful securities offering that generated more than $1.3 billion through the selling of XRP.
The SEC's charges are refuted by Ripple, which maintains that XRP is a currency rather than a securities that would be governed by tight regulations.
Garlinghouse is due to speak at the Point Zero Forum in Zurich, Switzerland, next Wednesday to “discuss the resurgence of innovation in digital assets through investment and thoughtful regulation,” the company said.
It comes on the heels of Ripple’s $250 million purchase of Metaco, a crypto custody services firm, to expand its reach in the Swiss market and diversify away from its home in the U.S. Recently, Ripple’s Garlinghouse said the firm will have spent more than $200 million in legal fees by the time its legal battle with the SEC is wrapped up.
Wow, didn't knew that ripple was a cryptocurrency until now.
Ripple had great potential to overcome btc/ether but controversies surrounding ripple did not let it happen.
Oh didn't knew it is such an old coin.
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