Ripple has announced plans to acquire BC Payments to secure an Australian Financial Services License (AFSL), aiming to expand its presence in the Asia Pacific region. This acquisition will enable Ripple to offer Ripple Payments, an end-to-end payments platform that integrates both traditional banking and crypto services, managing the full lifecycle of transactions.
In a recent statement, Ripple emphasized that Australia is a key market, and obtaining the AFSL will strengthen its ability to scale Ripple Payments across the region. Fiona Murray, managing director of APAC at Ripple, highlighted the importance of this move for regional growth.
The financial terms of the BC Payments acquisition have not been disclosed, but Ripple currently holds over 75 regulatory licenses worldwide, positioning it strongly to collaborate with institutions seeking digital asset solutions.
This acquisition follows Ripple's recent regulatory achievements, including securing a full EU Electronic Money Institution license in Luxembourg and receiving conditional approval from the U.S. Office of the Comptroller of the Currency to become a national trust bank charter.
XRP, created and promoted by Ripple, is currently the fifth-largest crypto asset globally with a market capitalization of $85.1 billion. As of the latest data, XRP was trading at $1.39, up 1.3% in the past 24 hours.
Additionally, Ripple's dollar-pegged stablecoin RLUSD has around $1.6 billion in market cap, making it the 10th-largest stablecoin. In January, Ripple partnered with LMAX Group to expand RLUSD's institutional usage.
Comments
Join Our Community
Sign up to share your thoughts, engage with others, and become part of our growing community.
No comments yet
Be the first to share your thoughts and start the conversation!