On June 13 New York state’s financial authority has officially approved the company Ripple Labs for the regions BitLicense. This means the business can offer money transmission services and digital currency solutions within the state.
After much review, the New York State Department of Financial Services department said Ripple Labs is clear for operations after it had passed regulatory compliance standards. New York has become the first state in the United States to impose a formal license for cryptocurrency operators within the region. A few exchanges and services have received the approval so far such as the Boston-based Circle financial , but there are not that many approvals so far. Ripple Labs will be the first blockchain-based operations approved for the licensure. The acting Department of Financial Services Superintendent Maria T. Vullo had this to say in the announcement: “DFS is pleased to continue to foster the growth of the New York virtual currency marketplace,” Ripple’s operations consist of financial services and it’s native currency XRP which is focused on working with legacy financial institutions, banks, and settlement clearinghouses. Just recently Ripple announced a pilot program with the Expertus Payment Platform. The program is to enable financial institutions the testing grounds for using blockchain technology and eventually apply it to the bank’s or financial management service’s current architecture. Steve Mollenkamp, Head of Channel Sales at Ripple said, “Joining forces with partners like Expertus allows us to make it even easier for banks and their customers to realize the benefits of distributed financial technology. The newly launched pilot program will contribute to the growth of the Ripple network, enabling even more financial institutions to improve their cross-border payments.”
With the newly acquired BitLicense , Ripple will be able to work with the vast amount of banking institutions located within the state […]
