A blockchain company has recently obtained two additional Money Transmitter Licenses (MTLs) in the United States, specifically from New York and Texas. This move aligns with the identified strong demand for real-time global payment solutions from both banks and cryptocurrency businesses in these states.
With this acquisition, the firm now boasts more than 55 MTLs across various segments, including payments, custody, and stablecoin services. Moreover, it holds a BitLicense in New York and a charter as a Limited Purpose Trust Company.
In addition to its licensing achievements in the U.S., the company has also established a Major Payment Institution License in Singapore, registered as a Virtual Asset Service Provider in both Ireland and the Cayman Islands, and obtained an in-principal license from the Dubai Financial Services Authority.
The possession of these U.S. MTLs enables the company to provide cross-border payment solutions and manage transactions for its customers effectively. The Managing Director for North America noted that financial institutions and cryptocurrency businesses are increasingly interested in utilizing the advantages of blockchain technology for faster, more cost-efficient, and around-the-clock payment solutions. The firm’s extensive experience working with both the crypto market and financial institutions positions it well to assist those looking to navigate the current landscape.
The company reports that it has facilitated around $70 billion in payment volume through its blockchain ledger and has steadily expanded its network by incorporating numerous banks and financial entities. Notably, the number of clients in North America utilizing its payment network has doubled within the last year.
However, the firm has experienced challenges, particularly in its prolonged legal dispute with the U.S. Securities and Exchange Commission (SEC) regarding the status of its XRP token, which the SEC claimed was an unregistered security. While a court confirmed the legitimacy of retail offerings of XRP, the company faced significant penalties due to violations related to institutional offerings, amounting to a $125 million fine.
Despite these hurdles, the landscape appears more promising following changes within the White House. The prior administration appointed two regulators supportive of cryptocurrency and established a working group aimed at developing policies regarding digital assets.
Amid this renewed optimism for the crypto industry in the U.S., the company has been actively broadening its footprint, focusing particularly on talent acquisition; around 75% of available positions are now based in the United States. Domestic hiring for the firm has reportedly doubled compared to previous years, indicating a commitment to strengthening its presence in the U.S. market.