Ripple Eyes Fintech Dominance With its XRP Payment Services

Ripple Payments is moving towards reactivation and further expansion with a plan to transform the United States payments landscape.

Ripple Payments Making a Comeback in the US

Over time, Ripple has established its presence in the financial ecosystem as a prominent blockchain payment set provider. 

According to Ripple’s Senior Director W. Oliver Segovia, the settlement firm is now looking to push Ripple Payments service within the U.S. This comes three years after the company had suffered a ‘silent phase’ in the U.S due to regulatory hurdles in the jurisdiction. 

With all that out of the way following Judge Analisa Torres’s ruling that XRP is not an investment contract, Ripple has started hitting major milestones. Prior to this time, the regulatory challenges in the United States made the firm move most of its businesses outside the region. Almost 90% of its operations are done in other countries. 

The company is now focused on utilizing its money transmitter licenses (MTLs) to launch several new products in different markets including the U.S. For the new product updates, Ripple plans to leverage its outstanding proficiency in blockchain technology as well as cross-border payments capability which it is globally recognized for. 

Revolutionizing Cross-Border Payments With XRP

To put the new pursuits in perspective, Ripple Payments is a venture that utilizes XRP as the connecting currency. 

Owing to its utilization of XRP, this service offers several benefits including faster and cheaper transactions compared to traditional methods. Much more, Ripple Payments promotes transparency via the use of a public ledger. It also has enhanced security gained through a consensus algorithm.

In light of its new expansion, Ripple plans to have a meeting at its headquarters in San Francisco where the Ripple Payments service will be officially launched. 

Amongst those who will be in attendance is Brendan Berry, Pegah Soltani, heads of product, Managing Director Joanie Xie and Chief Technology Officer David Schwartz. Ripple’s CTO will offer insights into the firm’s blockchain and payment outlook for this year.

Noteworthy, Ripple had previously been in partnership with financial service provider MoneyGram before its legal debacle with the SEC but it all went sour after the lawsuit was filed. Seeing that the crypto payments firm is making a major comeback, it is likely to ink new partnerships especially with institutions and governments that may be interested in exploring its cross-border solutions.

Ultimately, this could also be Ripple’s opportunity to gain dominance in the financial landscape.