Ripple said it received in-principle approval of a Major Payment Institution Licence from the Monetary Authority of Singapore, the country's central bank.
The license allows Ripple to offer regulated digital payment token products and services and expand customers' use of XRP, a cryptocurrency it is closely associated with.Brad Garlinghouse, chief executive officer of Ripple, speaks during the CoinDesk 2022 Consensus Festival in Austin, Texas, US, on Saturday, June 11, 2022.
The company's on-demand liquidity service uses XRP as a kind of "bridge" between currencies, which it says allows payment providers and banks to process cross-border transactions much faster than they would over legacy payment rails. Singapore is one of the largest currency corridors from which Ripple sends money across borders using XRP, the company said in a press release.Bitcoin is going to continue to be 'the winner' in this market, says investor Anthony PomplianoA majority of Ripple's global on-demand liquidity transactions flow through Singapore, which serves as the company's regional Asia-Pacific headquarters, Ripple said.
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