Adyen, Marqeta, and Plaid to explore using Ripple XRP in US
Ripple, a leading blockchain company, is set to expand its payments business in the United States, moving beyond its current focus where 90% of its business is outside the U.S.
Oliver Segovia, Ripple’s senior director and head of product marketing, shared this development on LinkedIn. Segovia announced that after a relatively quiet period of three years in the U.S., Ripple Payments is ready to unveil new product updates. These updates are powered by the company’s money transmitter licenses (MTLs) that cover the majority of U.S. states.
To kickstart this expansion, Ripple is hosting an event on February 7 at its new San Francisco headquarters. The event will feature representatives from prominent payment firms like Adyen, Marqeta, and Plaid, focusing on Ripple’s blockchain and payments outlook.
This announcement follows Ripple’s recent update of its crypto-enabled cross-border payments solution. The revamped Ripple Payments, previously known as RippleNet, allows businesses to utilize blockchain technology for faster, cheaper, and more efficient international payments.
Ripple president Monica Long noted that the blockchain company has always aimed to create products addressing real-world problems for customers. As such, the latest evolution in Ripple Payments is an extension of their ongoing efforts to enhance the cross-border payments experience through innovative technology.
Ripple Payments, which leverages Ripple’s native stablecoin for instant cross-border payments, through the ODL service, enables expanded access to Ripple’s global network of over 70 cryptocurrency and traditional payout markets. This expansion offers nearly 100% global payout coverage through a single onboarding process.
Moreover, Ripple Payments is now accessible to a broader range of customers, including small- to medium-sized businesses (SMBs). The company’s acquisition of over 30 licenses across the United States is set to facilitate this wider rollout.
