Ripple to Acquire Australian Financial Services License to Expand Payments
- Ripple plans to acquire BC Payments Australia Pty Ltd to secure an Australian Financial Services License (AFSL).
- The acquisition will enable Ripple to provide a complete payments solution in Australia, including compliance and liquidity management.
- Ripple’s APAC payments volume nearly doubled year-on-year, contributing to a total processed volume of $100 billion across various markets.
- Current Australian customers using Ripple Payments include Hai Ha Money Transfer and Independent Reserve.
- XRP is currently trading at $1.38, reflecting a slight increase of approximately 0.3% on the day.
This acquisition strategy allows Ripple to expedite its entry into the Australian market by obtaining an existing license rather than applying directly for one. The growth in APAC payments underlines the importance of this move for Ripple’s expansion efforts.
With APAC payments volume nearly doubling and a total processed volume reaching $100 billion, securing an AFSL through this acquisition positions Ripple for significant growth in Australia.(Source)
