This will allow Ripple to offer digital payment token products and services and expand the use of its On-Demand Liquidity (ODL) platform for cross-border payments in XRP cryptocurrency.
“Singapore is a leading global financial center and an important gateway for business in the Asia-Pacific region. We are incredibly proud to be licensed by MAS, which demonstrates our commitment to the region and our ongoing active engagement with regulators around the world,” said Ripple CEO Brad Garlinghouse.
In 2022, Ripple has recorded increased interest in ODL globally, especially in Singapore. Last year, the majority of global ODL transactions went through Singapore.
Singapore is an attractive country for cryptocurrency exchanges. Earlier in June, Gemini’s management announced that the Singapore hub’s headcount would be increased by more than 100 employees. And Crypto.com has recently successfully completed a one-year pre-licensing test period and received permission to operate in Singapore.<br