Ripple, a prominent blockchain company, has announced its intentions to expand its payments business within the United States. According to W. Oliver Segovia, Ripple’s senior director and head of product marketing, the company currently conducts 90% of its business outside the U.S.
In a recent post on LinkedIn, Segovia revealed the company’s plans to revitalize its presence in the U.S. market, particularly in the realm of Ripple Payments. He stated, “After being relatively quiet for the past 3 years in the US for Ripple Payments, we’re geared up to announce new product updates powered by our money transmitter licenses (MTLs) that cover the majority of US states.”
To kickstart this initiative, Ripple is organizing an event at its new headquarters in San Francisco on Wednesday, Feb. 7. The event will feature representatives from leading payments firms like Adyen, Marqeta, and Plaid, discussing Ripple’s blockchain and payments outlook.
This announcement follows Ripple’s recent update of its crypto-enabled cross-border payments solution, now known as Ripple Payments. This enhanced platform aims to facilitate quicker, cheaper, and more efficient cross-border payments for businesses.
Monica Long, president at Ripple, emphasized the company’s commitment to addressing real-world challenges through innovative technology. She stated, “Since the start, Ripple focused on creating products that solve real problems for real customers.”
Among the major updates to Ripple Payments is expanded access to the company’s global network of over 70 cryptocurrency and traditional payout markets. This provides nearly 100% global payout coverage through a single onboarding process. Additionally, Ripple has secured more than 30 licenses across the U.S., enabling the solution to cater to a wider customer base, including small- to medium-sized businesses (SMBs).
Ripple’s efforts align with the broader trends in the payments industry, where blockchain-led innovations are transforming traditional processes. Pat Thelen, vice president of global account management at Ripple, highlighted the potential of tokenization of real-world assets and the opportunities it presents for reducing costs and enhancing efficiency in various industries.
Ripple’s expansion in the U.S. signifies its commitment to driving innovation and providing seamless payment solutions on a global scale. As the company continues to evolve its offerings, it aims to address the evolving needs of businesses and customers worldwide.