The ripple-backed startup XRPL Labs said that it’s working to get a series of licenses in order to boost the XRP ecosystem and bring the crypto to the mainstream.
Obtaining a fiat-to-crypto license
According to XRPL Labs’ founder Wietse Wind, the company has been working really intensively to obtain a fiat-to-crypto license, a crypto custody license and a European banking license in a push to bridge the gap between fiat currencies and digital assets.
These licenses would allow the company to offer its line of products on a large scale and meet know-your-customer (KYC) and anti-money-laundering requirements.
Such a thing could give products such as XRP Tip Bot a legally compliant way to power more significant transactions and withdrawals.
At the moment, it’s important to note that the Tip Bot doesn’t use KYC verification and it’s limited to 5 XRP per tip and a maximum withdrawal amount of 1,000 XRP per month on a monthly basis.
Wind made the announcement at an XRP community meetup in Amersfoort, the Netherlands over the weekend.
According to The Daily Hodl, he said: “We’re actually in the process of getting real licenses for the Tip Bot, [but] we’re not going to stop there.”
He continued and said “We’re also working on – this is really early stage, and I’m sure there are a lot of roadblocks – but the second stage is getting an actual European banking license so that we can bridge XRP and payments, let’s call it the legacy network. Let’s bridge it and let’s see where we can get in a few years.”
Boosting XRP-based products
Such licenses would also support the company’s efforts to promote products such as XRPayments app and the XRParrot which is designed to offer people an easy way to convert fiat currencies to XRP.
This year, Ripple has been making a lot of efforts to boost the adoption of XRP and considering the achievements that the coin managed to mark, it’s definitely on the right path.