XRP
Cryptocurrency company Ripple said on Wednesday 4th October 2023 that it has obtained a full licence to operate in Singapore, its Asia-Pacific headquarters since 2017.
‘We have hired exceptional talent and local leadership, doubling headcount over the past year and plan to continue growing our presence in a progressive jurisdiction like Singapore,‘ CEO Brad Garlinghouse said in a statement.
It comes as Ripple continues to fight with the U.S. Securities and Exchange Commission (SEC) over a lawsuit.
The new development comes less than four months after the Monetary Authority of Singapore granted an ‘initial in-principle’ approval in June 2023. With the full licence, Ripple will continue to provide regulated crypto payment services in Singapore.
Over 90% of Ripple’s business is outside of the U.S., and Singapore – and to a larger degree Asia Pacific – is one of its fastest growing region.
XRP Ripple Crypto digital coin and cross border payment system
The XRP ripple crypto coin is a digital currency that is used to facilitate fast and low-cost cross-border payments on the Ripple network.
The Ripple network is a decentralized system of servers that connects banks, payment providers, digital asset exchanges, and corporates. The XRP coin acts as a bridge currency between different fiat currencies and other digital assets.
The XRP coin has a fixed supply of 100 billion units and is distributed by Ripple Labs, the company behind the Ripple network.