Ripple Receives FCA Permissions to Expand Payments in the UK

TLDR

• Ripple received FCA approval for its Electronic Money Institution (EMI) license and Cryptoasset Registration in the UK.
• The approval enables Ripple to expand its cross-border payments platform for UK institutions using digital assets.
• Ripple’s platform simplifies blockchain infrastructure for businesses, offering fast and compliant cross-border payments.
• Ripple’s presence in the UK continues to grow, with a significant office in London and support for local blockchain startups.
• Ripple has invested over £5 million in UK universities through its University Blockchain Research Initiative (UBRI).

Ripple has received approval for its Electronic Money Institution (EMI) license and Cryptoasset Registration from the UK’s Financial Conduct Authority (FCA). These approvals allow Ripple to expand its payments platform in the UK, enabling local institutions to send cross-border payments using digital assets. This move further solidifies Ripple’s position within the UK’s financial ecosystem.

Ripple’s Licensed Payments Platform for Cross-Border Transactions

Ripple Payments is an end-to-end solution designed for cross-border transactions, managing the flow of funds on behalf of businesses. It connects UK institutions with Ripple’s global payout partners, facilitating fast and reliable payments across borders. The platform eliminates the need for businesses to manage the complexities of blockchain infrastructure.

By utilizing Ripple’s fully licensed platform, businesses can offer digital payment services quickly without bearing the infrastructure burden. The solution ensures compliance with regulatory standards while simplifying cross-border transactions for companies. Ripple’s payments platform is designed to be transparent and secure, ensuring that digital asset transactions meet industry requirements.

Monica Long, President at Ripple, noted, “Blockchain and digital assets are becoming integral to the global economy.” The approval marks a step forward for Ripple’s ambitions to integrate these technologies into mainstream financial systems. The UK’s regulatory environment supports Ripple’s efforts in expanding its services within the region.

Ripple’s Continued Commitment to the UK Market

Ripple’s approval by the FCA marks a significant step in its ongoing investment in the UK market. Ripple has maintained its largest office outside the U.S. in London since 2016, contributing to the local blockchain and financial technology ecosystem.

The company has continued to grow its workforce in the UK and support local developers and blockchain startups. Ripple has also committed over £5 million to UK universities through its University Blockchain Research Initiative (UBRI). This initiative encourages research and development within the blockchain space.

According to Cassie Craddock, Managing Director of UK & Europe at Ripple, “Securing approvals from the FCA allows us to provide digital asset infrastructure to UK businesses.” Ripple’s expanding operations are in line with the company’s long-term commitment to supporting the UK’s financial services sector.

XRP Price Drops 0.43% to $2.12

Despite the approval, Ripple’s native token has not reacted positively. At the time of press, CoinMarketCap data indicates that XRP trades at $2.12 as of the latest data, reflecting a 0.43% decrease over the last 24 hours. The price fluctuated throughout the day, reaching a high of $2.14 before dropping back to $2.12.

XRP price briefly dipped to $2.11 but managed to stabilize around $2.12. The market volume for XRP during this period was $3.85 billion, showing a decrease of 18.56%. Despite this dip in volume, XRP maintained a market cap of $129.11 billion, representing 2.99% of its market volume. The price trend reflects moderate volatility, with XRP staying close to the $2.12 mark throughout the trading session.