Ripple XRP payments through their partner exchange Bitstamp has been approved and now they can offer their services in New York. The approval was given by the New York State Department of Financial Services (NYDFS) who has given the exchange operating ability in New York.
With the operating license Bitstamp has received xRapid, Ripple’s payment protocol will be able to facilitate cross border transactions between banks, thus a positive boost for the XRP tokens.
Bitstamp will facilitate most of its payments through x-Rapid and this will create a boost for the XRP. This news might just be a sign of optimism for ripple XRP price. The NYDFS wrote in a statement: “DFS has authorized Bitstamp USA to offer services providing its customers with the ability to buy and sell bitcoin, along with select other virtual currencies, for USD and vice versa.”
The Bitlicense is an infamous license which isn’t really easy to get such that a lot of exchanges have opted to operate from other states other than New York City. Since Bitstamp has received this license, Ripple, with the help of its payment processor X-rapid can now be on the forward movement to probably seeing an increase in the price of XRP. However, despite the positivity surrounding Ripple it still has a question mark with the Securities Exchange Commission.
The Securities and Exchanges Commission (SEC) has failed to decide on whether the XRP token is a security token or not. The XRP security status was not clearly specified in the SEC’s recent ICO token guideline.
However despite that fact, the CEO of Bitstamp Nejc Kodrič was excited about the news. He explained that Bitstamp has always been open about “regulatory efforts that focus on transparency and accountability to help expand the industry and bridge the gap between the traditional financial and cryptocurrency worlds.”
As it stands, XRP is already winning in some areas as the World Bank approves it’s payment tool, xRapid for quick funds transfer. The World Bank had tested xRapid earlier in 2018 and has approved it for quick funds transfer due to its near-instant payments ability.
A Twitter user even suggested that XRP should be the number 2 cryptocurrency by market cap. Although that is his opinion, currently the XRP is trading at $0.318693 at a market cap of $13,318,865,550 USD.
Hopefully, this new move by Bitstamp will get XRP soaring according to positive predictions.
Do you think that the Bitlicense Bitstamp recently received will boost XRP positively? Share your opinion with us in the comment section below, we will like to hear from you.