Ripple Secures Payments Institution License in Singapore, XRP To $1 Seems Imminent

Published by

Qadir AK

June 22, 2023

Ripple, the cryptocurrency firm, has secured an in-principle regulatory green light to operate in Singapore. This move underscores the company’s commitment to expanding its global footprint and proving its mettle as an innovator in the increasingly scrutiny-rich world of blockchain-driven finance and digital assets. The regulatory landscape in this field is becoming complex and demanding.

License approval in Singapore

By obtaining a major payment institution license from the Monetary Authority of Singapore, Ripple has attained crucial regulatory approval. This approval paves the way for the expansion of its revolutionary digital payment token products and services. Ripple can now fully benefit from its groundbreaking cross-border transfers of XRP cryptocurrency, serving its esteemed customers, primarily banks and financial institutions.

Ripple’s strategic move demonstrates its dedication to complying with evolving regulatory guidelines while upholding its unwavering commitment to exceptional innovation. This fosters greater optimism and confidence in the future of digital finance and international payments.

The Significant Development in Singapore

Ripple has also partnered with InstaReM, a Singapore-based fintech firm providing cross-border payment services to individuals, SMEs, and financial institutions. The partnership aims to deliver faster and cheaper international payments to consumers and SMEs in Singapore and beyond. Furthermore, InstaReM is leveraging Ripple’s payment infrastructure to expand into new markets, including Europe and the US.

Moreover, Ripple has established a presence in Singapore through its investment arm, Xpring. Xpring focuses on supporting blockchain-based projects and startups. It has invested in several Singapore-based startups, such as the gaming and e-commerce platform Tixel and the blockchain-based travel platform Wego.

Overall, Ripple’s partnerships and investments in Singapore position the company as a key player in the country’s digital economy. Singapore aims to become a leading fintech hub in Asia, and Ripple’s blockchain-based payment solutions could play a crucial role in facilitating cross-border transactions and driving innovation in the sector.

Also Read: Ripple Price Prediction 2023, 2024, 2025: Will XRP Price Reach $1 By The End Of 2023?

Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.