Ripple to acquire BC Payments to secure Australian license
Ripple plans to acquire BC Payments to obtain an Australian Financial Services License (AFSL) and expand its services in the Asia Pacific region.Summary
Ripple announced its intention to acquire BC Payments to secure an Australian Financial Services License (AFSL), a move designed to facilitate the expansion of its Ripple Payments platform throughout the Asia Pacific region. This platform aims to integrate traditional banking with cryptocurrency services, managing the complete transaction lifecycle. According to Fiona Murray, Ripple’s managing director for APAC, Australia is a crucial market, and the AFSL will strengthen their ability to scale Ripple Payments. The financial details of the acquisition remain undisclosed. Ripple currently possesses over 75 regulatory licenses globally, positioning it favorably to collaborate with institutions interested in digital asset solutions. Recently, Ripple also obtained a full EU Electronic Money Institution license in Luxembourg and conditional approval for a national trust bank charter in the U.S. XRP, the cryptocurrency associated with Ripple, currently ranks as the fifth-largest crypto asset with a market capitalization of $85.1 billion, while Ripple’s stablecoin, RLUSD, holds the 10th-largest stablecoin position with a $1.6 billion market cap.
(Source：The Block)