Ripple obtains license in Europe and boosts XRP price

Source: PortaldoBitcoin Original Title: Ripple obtains license in Europe and boosts XRP price Original Link: The crypto financial services company Ripple announced that it received preliminary approval for an Electronic Money Institution (EMI) license from the Luxembourg financial regulator, CSSF.

The announcement comes just days after Ripple revealed it had secured EMI license approval from the UK Financial Conduct Authority. The approval in Luxembourg, granted in the form of a “Letter of Green Light,” represents a key step toward full EMI authorization and strengthens Ripple’s ability to expand its cross-border payment infrastructure across Europe.

“The European bloc was one of the first major jurisdictions to introduce comprehensive regulation for digital assets, providing the certainty that financial institutions need to take blockchain from pilot projects to commercial scale,” said Monica Long, Ripple President.

“By expanding Ripple’s license portfolio and evolving our payment solution, we are doing more than just transferring money. We are managing the end-to-end flow of value to unlock trillions in dormant capital and migrate the traditional financial system to a digital future.”

Combining the UK license, Ripple now holds over 75 regulatory licenses worldwide. The company reported that its Ripple Payments platform already reaches over 90% of the daily foreign exchange markets, processing more than US$ 95 billion in volume to date.

“Getting our preliminary approval is a crucial step, enabling Ripple to provide essential blockchain infrastructure to clients across the European Union,” said Cassie Craddock, Ripple’s General Manager for the UK and Europe. “By prioritizing compliant operations, Ripple is empowering regional businesses to enter the next era of financial innovation.”

The XRP, the asset powering Ripple’s payment platform, is on the rise, recently trading at US$ 2.17, up more than 3% for the day.