Ripple has taken a gallant step to expand its payment services within the US market. Following its three years of quietness and low performance due to the SEC lawsuit, Ripple is revolutionizing its cross-border payments in the US using XRP.
As disclosed by Oliver Segovia, Ripple’s Senior Director and Head of Product Marketing for Payment, the company is introducing new products using its money transmitter license in the US.
Plans to Reinforce Its Domestic Payment Services with XRP in the US Market
In the announcement, Segovia admitted that Ripple has maintained minimal engagements within the US crypto market over the past three years. He noted that up to 90% of the company’s businesses focused on entities outside the country.
Notably, Ripple’s subdued presence in the US market followed its multi-year-long legal battle with the Securities and Exchanges Commission (SEC), which kicked off in late 2020. However, with the recent plan, Ripple is about to end the long period of silence.
The cross-border payment firm has determined to roll out product innovations relying on its local money transmitter licenses (MTLs). Notably, Ripple holds more than 31 MTLs with the US after it acquired Fortress Blockchain to earn a Nevada license.
Moreover, the firm noted that MTLs form a powerful backing for Ripple in its services. Ripple Payments, which is pioneering the expansion, leverages XRP as the bridge asset in its services.
With such an innovative payment solution, Ripple can provide speedy transition settlements in just a few seconds.
Also, the transaction fee is relatively lower than the costs of traditional methods. Ripple aspires to leverage its global experience (with a majority of its businesses conducted outside America) to promote its presence locally and enhance its payment services within the US market.
Measures to Enhance Its Domestic Engagement
The blockchain firm has started laying out steps to support and enhance its plan for domestic services. As part of its strategy, the company is looking to hire personnel from different regions, including locals within San Francisco.
Some of the positions include senior blockchain engineer, senior software engineer, principal software engineer, staff data engineer, and more. Also, Segovia disclosed that Ripple is kicking off its plan with an upcoming fintech meetup.
There will be a casual panel discussion as part of the event, focusing on Ripple’s 2024 outlook for blockchain and payments. The event will take place on Wednesday, February 7, between 5:00 PM and 7:30 PM PST. The venue is at the recently inaugurated Ripple Headquarters in San Francisco.
Today is the first day for Ripple’s new SF global headquarters! pic.twitter.com/w0PiDbWKUq
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Some of Ripple’s product heads, like Brendan Berry and Pegah Soltani, will lead the session. The moderator will be Ripple’s US Managing Director, Joanie Xie. Also, David Schwartz, Ripple’s Chief Technology Officer, will be part of the meeting.
While extending an invitation to the public, Segovia noted that representatives from prominent companies like Adyen, Plaid, Marqeta, and more will attend the event.
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