Singapore Monetary Authority has reportedly granted license-free operations reward to ripple for its seamless and tamperproof RippleNet.
This is quite good news for the teeming XRP community members. The seemingly inseparable relationship between XRP and Ripple gives the digital token the room to thrive as the blockchain tech gains trust across the world on a daily basis.
The new development was reported by Ajeesh Sadanand, the CTO and Director at SBI Ripple Asia on 14th April 2020, via his official Twitter handle.
In the tweet, Sadanand said what increased the trustworthiness of Ripple in Singapore is the company’s faster and easier remittance solutions.
Ajeesh Sadanand shared this, “Ripple & XRP, gaining trust for their faster and easier remittance solutions, now allowed to operate in Singapore license-free. In the latest. The Singapore Monetary Authority has granted license-free operations reward to Ripple for its seamless and tamperproof RippleNet.”
#Ripple & #XRP, gaining trust for their faster and easier remittance solutions, now allowed to operate in Singapore license-free.
In the latest. The Singapore Monetary Authority has granted license-free operations reward to #ripple for its seamless and tamperproof #RippleNet pic.twitter.com/LjESPZcJZ0
— Ajeesh Sadanand (@AjeeshSadanand) April 14, 2020
Ripple’s Success in Countries and Among Financial Institutions
Ripple has over 300 customers among the banks and financial institutions across the world, owing to the functionalities embedded in its payment tools, RippleNet and XRP.
There is a possibility to see more globally renowned banks and payment companies joining Ripple, to use RippleNet and XRP in the coming months, due to the recent revelations about financial institutions testing the capability of Ripple’s payment tools.
Recall that Herald Sheets reported a few days ago that one of the largest banks in the world, Bank of America (BoA), said Ripple is the Fintech of its choice, because of its regulatory compliance. Possibly, the Singapore Monetary Authority could have seen something similar, before granting the blockchain tech license-free operation in the country.
Also, it became a trending news about two days ago across the crypto ecosystem, after research revealed that the money transfer giant, Western Union, is testing and considering use of Ripple’s XRP for its international money transfer. These are indications that there is possibly a better future waiting ahead.