Ripple Expands Singapore MPI License for Full Institutional Custody & Trade

Source: CoinEdition Original Title: Ripple Expands Singapore MPI License for Full Institutional Custody & Trade Original Link: Ripple has cemented its status as a dominant institutional player in Asia, announcing that the Monetary Authority of Singapore (MAS) has approved an expansion of its Major Payment Institution (MPI) license. The regulatory upgrade allows its subsidiary, Ripple Markets APAC, to offer a “full-stack” digital asset service, covering custody, token trading, and cross-border settlement, under a single regulated umbrella.

While Ripple has had an MPI license since 2023, the expanded scope authorizes it to facilitate end-to-end payment flows using Digital Payment Tokens (DPTs) like XRP and the newly launched RLUSD stablecoin.

“This expanded license strengthens our ability to continue investing in Singapore and to build the infrastructure financial institutions need to move money efficiently, quickly, and safely,” Ripple stated.

Singapore License Puts Ripple’s XRPL Payments In Institutional Flow

The company announced that its subsidiary based in Singapore dubbed Ripple Markets APAC Pte. Ltd., received the Major Payment Institution (MPI) license. With this approval, institutional players in Singapore can now access the end-to-end payment solution, which Ripple provides through the XRPL blockchain.

Ripple will be providing seamless access to digital payment tokens (DPTs) on the XRPL chain. The DPTs are equivalent to ERC20 tokens on the Ethereum network.

The ability Ripple is lending to Singapore’s market will enable people in the country to experience Web3-boosted growth. Ripple has enabled services related to real-time cross-border payments for more than 10 years, especially between the United States and Latin America corridor.

According to Fiona Murray, the company’s Vice President and Managing Director in Asia Pacific, Singapore is a major player in the region’s growing crypto transaction activity.

Ripple Uses New Capital To Scale XRP And RLUSD Payment Solutions

Ripple is seeking to expand its crypto services globally for investors seeking to build on XRP. During this year’s Ripple Swell event, the crypto company announced that it raised $500 million led by institutional investors in the United States, thus achieving a valuation of $40 billion.

The capital has helped the company accelerate its global expansion bid. As such, global institutional players seeking to make fast and efficient money transfers can now tap the XRP and Ripple USD (RLUSD) features.

Ultimately, Ripple’s promise of expanding the adoption of XRP in all its activities will help the altcoin during future growth prospects. Currently, the crypto market has experienced varying liquidity conditions, amid hopes for capital rotation from traditional markets to trigger gains in the coming years.

As such, XRP’s adoption in Singapore by institutional investors through regulated means will eventually boost its market cap in the years to come.