Ripple to Acquire BC Payments for Australian Financial Services License
- Ripple plans to acquire BC Payments Australia Pty Ltd to secure an Australian Financial Services License (AFSL), with the acquisition closing on April 1.
- This move aims to enhance Ripple’s payments offerings, managing the full transaction lifecycle including compliance and liquidity management.
- Ripple’s Asia Pacific managing director, Fiona Murray, emphasized that Australia is a key market for expanding Ripple Payments.
- XRP price rose nearly 1% to $1.39 following the announcement, with a trading volume increase of 37% over the last day.
- Total XRP futures open interest increased by approximately $2.40 billion, reflecting growing trader interest amid regulatory progress.
The acquisition of BC Payments will allow Ripple to leverage blockchain technology and digital assets more effectively in Australia, strengthening its operational footprint in the Asia-Pacific region.
With over 75 licenses worldwide, Ripple’s strategic expansion is expected to further drive adoption and utility for XRP as cross-border payment solutions evolve.(Source)
