Ripple continues its global expansion with an acquisition in Australia. The company wants to acquire BC Payments Australia, part of the European Banking Circle Group. Through that deal, Ripple gains access to an Australian Financial Services License.
The takeover must be completed by April 1. The license allows Ripple to manage the entire payment process in Australia, combining traditional banking systems with digital assets such as XRP.
Australia as a strategic growth market
Fiona Murray, Ripple’s managing director for Asia Pacific, says institutional interest in digital assets is high enough to justify the move. The timing is also favorable: the AFSL license is expected to become mandatory for crypto companies that want to offer financial services in Australia.
With the license, Ripple Payments gains control over the entire transaction process. From onboarding and compliance to currency exchange, liquidity management and the final payout. The system combines traditional banking infrastructure with blockchain and XRP. That makes Australia more than just an extra market. It will be a testing ground where Ripple can fully realize its vision of the future of payments.
Fifth license in twelve months
The step in Australia is not an isolated one. In the past year, Ripple has already secured payment licenses in Singapore, the Emirates and the United Kingdom. In the US, the company recently received conditional approval for a national trust banking license. Five countries in twelve months.
At the same time, Ripple is growing through acquisitions. With the acquisition of prime broker Hidden Road, now operating under the name Ripple Prime, it became the first crypto-native company with its own multi-asset prime broker. The image that emerges is that of a company that is gradually building the infrastructure of a traditional bank, but completely on blockchain.
Competition and regulation are increasing
Ripple is not the only one seeing opportunities in Australia. Coinbase is also working on obtaining an AFSL license. Australian regulator ASIC has proposed new rules for the sector.
According to Murray, a clear licensing system can also help with a persistent problem in the sector. Australian banks regularly block customer payments to crypto exchanges. A formal license can remove that distrust and accelerate the adoption of digital assets.
Source: https://newsbit.nl/ripple-koopt-australisch-bedrijf-om-crypto-licentie-te-krijgen/
