Ripple Startup Bring Crypto to Mainstream
Ripple, one of the globally leading cryptocurrency blockchain firms, announced today that one of their startups is working to receive multiple licenses that’ll boost the XRP Ecosystem. Subsequently, this could allow for cryptocurrencies to finally becoming mainstream.
XRPL Labs, the subsidiary startup of Ripple plans to receive a fiat crypto license, a European Banking license and a crypto custody license. By obtaining all three of these licences, this new firm will be able to make the bridge gap shorter for cash and cryptocurrencies.
Receiving these licenses wouldn’t allow them to bridge the gap, but it would also allow them to create diverse products on a large scale. It would also enable XRPL to provide anti-money-laundering services to clients.
This will allow for prior products like XRP Tip to become legally compliant with the laws pertaining to cryptocurrency financial transactions in the European Union. Currently, XRP Tip doesn’t have any verification and as such only allows for 5 XRP per tip daily, with a maximum XRP withdrawal of 1,000 by the end of the money.
This could give existing products like the XRP Tip Bot a legally compliant way to power much larger transactions and withdrawal amounts. Currently, the Tip Bot does not utilise KYC verification and is limited to 5 XRP per tip and a maximum withdrawal amount of 1,000 XRP per month per user.
Wietse Wind, the Found of XRPL Labs stated: “We’re actually in the process of getting real licenses for the Tip Bot, [but] we’re not going to stop there. We’re also working on – this is early stage, and I’m sure there are a lot of roadblocks – but the second stage is getting an actual European banking license so that we can bridge XRP and payments, let’s call it the legacy network. Let’s bridge it and let’s see where we can get in a few years.”
XRPL’s Scalable Products
These licenses are going to allow for XRPL to also scale other products like their XR Payment App and XRP Parrot; both applications are designed to enable clients to transfer Fiats into XRP’s quickly.
These licenses will help to support the final goal for XRPL, that goal being to become an online crypto bank for companies across the European Union, having these licenses and the backing of Ripple with making them become a formidable force in the blockchain industry.
Additionally, XRPL plans on releasing new products in the future. The 1st is a product that would allow clients to send and receive their XRP Funds on mobile devices. The 2nd product planned for release is mobile cloud storage, and the 3rd is an internet-based decentralised cryptocurrency exchange. These new product innovations will dramatically influence the growth of XRPL.
Tom Arran
