Ripple obtains full licence to operate in Singapore

XRP Ripple Digital Coin
The XRP Ripple crypto coin

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.

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