Bitstamp receives Bitlicense – a Positive Signal for XRP & xRapid?
Home News Bitstamp receives Bitlicense – a Positive Signal for XRP & xRapid?
Marcus Misiak –
The New York State Department of Financial Services (NYDFS) has issued a license to the crypto-currency stock exchange, and the Ripple-Partner Bitstamp.
The Luxembourg-based exchange Bitstamp may be allowed to offer now officially launched its services in New York and has also the possibility of the Ripple-Suite for cross-border payment solutions.
The DFS has contracted with Bitstamp US to provide services that enable their customers to buy Bitcoin as well as selected other virtual currencies for USD and to sell, and Vice versa. Bitstamp United States is also entitled to Transfers of funds on the Ripple Network by Ripple balances in USD, other virtual currencies and the selected Fiat currencies, including Australian Dollar, British pound, Euro, Swiss franc and Japanese Yen, to be issued.
Ripple’s CEO, Brad garlinghouse revealed the company’s partnership with Bitstamp in December and made Bitstamp to the fourth crypto-stock exchange, the Ripples software solution xRapid, uses the XRP tokens, are supported.
The New York-based financial supervision is known for the Rigor of the “Bitlicense” and the difficulty to get them. XRP will hope enthusiasts that the license will promote the use of xRapid by Bitstamp, which, in turn, would increase the demand for XRP and the XRP price boost.
The three other crypto-exchanges on Board of the payment platform are the US-based company Bittrex, Bitso, based in Mexico and Coins.php in the Philippines. The exchanges are an important part of xRapid and accept Fiat payments from banks and financial institutions, convert it to XRP and send XRP to Overseas, where it then immediately back into Fiat.
Ripple has released xRapid already in October, for commercial use. So far, a total of 13 companies announced the technology. The global foreign exchange provider Mercury FX is the most open in terms of the active use of the technology. In the past month, the company reported its first xRapid-Transfer from the UK to the Philippines in the name of a customer, who sent money Overseas to pay for his honeymoon. The company has also sent a series of payments with xRapid from the UK to Mexico.
Mercury FX says that it has set itself the goal, to have until the middle of the year, about 10 payment routes in operation, including corridors to Canada and the Middle East.
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