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XRP: xRapid payments-facilitated exchange, Bitstamp granted BitLicense by New York DFS

Biraajmaan Tamuly



LA times verified as Brave Browser publisher; enables contributors to receive crypto tips for content
Source: Pixabay

Bitstamp, a cryptocurrency exchange based out of Luxembourg, announced on its official website that the exchange was granted a BitLicense. This will allow Bitstamp to continue providing crypto trading services in the United States and improve the exchange’s overall presence in the country.

Linda A. Lacewell, Acting Financial Services Superintendent of New York State Department of Financial Services [DFS], stated,

“We are pleased to welcome Bitstamp to New York’s growing virtual currency marketplace. A regulated industry protects customers while supporting innovation and ensuring our financial services sector is a vibrant part of New York’s economy.”

The exchange is now authorized to offer services, providing its users with the ability to buy and sell Bitcoin [BTC] along with various other cryptocurrencies. The license also enables Bitstamp USA to facilitate transfers of funds onto the Ripple Network, issuing Ripple balances in USD, with other virtual and fiat currencies.

Bitstamp is one of the few exchanges that facilitate xRapid payment paths or Ripple Gateways, which provide an entry point into the Ripple Network. The announcement further hinted at the exchange being granted the license to use the XRPL decentralized exchange for utilization.

With the legal backing of the Financial Services, Bitstamp will now be able to issue fiat-backed and crypto-backed IOUs [tokens issued on the platform that are redeemable for a fungible asset such as USD, gold or crude oil].

Nejc Kodrič, CEO of Bitstamp, expressed his delight, stating,

“Bitstamp has always embraced regulatory efforts that focus on transparency and accountability to help expand the industry and bridge the gap between the traditional financial and cryptocurrency worlds.”

After the announcement, a Twitter user @Ticketothemoon, posted a query and asked,

“Wasn’t buying XRP from Bitstamp already an option in the U.S?”

Bitstamp responded to this query,

“You’re right, it was, and this license will enable us to continue providing crypto trading services and ramp up our presence in the US.”

XRP enthusiast, @XrpCenter gave its opinion on the announcement and stated,

“To be clear, this means that Bitstamp, as a separate and independent company, has been granted with an authorization to use the XRPL Decentralized Exchange to 1) Issue fiat-backed and crypto-backed IOUs. 2) Handle payments. It is not the XRPL, per se, what has been regulated.’

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Biraajmaan is an engineering graduate who is exploring the ever-changing crypto verse while traversing his passion for cryptocurrency news writing. He is a Chelsea fan and a part-time poet and does not hold any value in cryptocurrencies yet.

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Ripple-backed XRPL Labs releases XRPayments on Playstore and App store

Namrata Shukla



Ripple-backed XRPL Labs releases its XRPayments on Playstore and App store
Source: Pixabay

The Ripple-backed startup, XRPL Labs had been working on various technologies to develop the ecosystem. One of these technologies, XRPayment, was in its testing phase and has been finally launched and made available on the Google Play store and Apple app store.

Wietse Wind, the developer of XRPtipbot and one of the developers at XRPL Labs, informed the XRP community about this on his Twitter. Wind stated:

“Right on time! 🎉 🎉 🎉 Our XRPayments app was just accepted by Google and Apple. You can get the app now from the Apple iOS or Google Play store, and start accepting $XRP for payments in your physical store!”

The application received a lot of traction, especially from the XRP enthusiasts, however, one of the users pointed out an issue he encountered while using the application. Twitter user @almost_summer_ asked Wind:

“hi Wietse great job! just downloaded it, if i open the coinbase or uphold wallet app i can scan the QR but it does not auto fill in the amount of XRP to send. the XRPay web version did fill in the amounts. is that supposed to be like that?”

Wind replied to the user saying that the team wanted users to think about the amount they and perhaps tip the service. He also added:

“Some wallet apps can read a pre filled amount, and the web version implemented that, thus breaking support with some other clients. For this app we wanted 100% support, so we left out the pre filled amount feature for now.”

Wind and the team are also working on a ‘signing platform’ which will enable the users to sign and approve transactions from an application or the web application from any developer, without sharing their mnemonic, through a push message or QR code.

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