Ripple Expands Reach in U.S. Market with XRP, Broadening to Real-World Asset (RWA) Tokenization

Ripple, a leading crypto payment firm, is making a significant move to revolutionize cross-border payments in the United States by introducing XRP through its Ripple Payments services. 

This move comes after three years of relative quietness in the U.S. market.

Oliver Segovia, Senior Director and Head of Product Marketing for Payments at Ripple, unveiled the company’s plan to enhance its local presence in the U.S. market on LinkedIn and that Ripple is planning to expand its footprint locally, particularly in the U.S. 

Despite having its global headquarters in the U.S., Ripple acknowledged that the majority of its business activities have been focused on international markets. 

Segovia noted that their low presence in the U.S. market is about to change as Ripple sets its sights on expanding its footprint domestically.

“90% of Ripple’s businesses cater to entities abroad,” Segovia shared, highlighting the need to capitalize on the company’s global expertise to enhance services in the U.S. market.

Leveraging Ripple Payments and XRP

Central to Ripple’s expansion strategy is Ripple Payments, a service that utilizes XRP as a bridge asset for swift and cost-effective cross-border transactions. 

By leveraging its existing money transmitter licenses (MTLs) across the United States, Ripple aims to introduce innovative product offerings to cater to the domestic market.

To kick off its transformative journey, Ripple is actively seeking talent across multiple global hubs, including San Francisco. 

The company’s senior leadership, including Joanie Xie, Ripple’s U.S. Managing Director, is spearheading efforts to drive innovation and growth in the U.S. market.

Ripple is initiating momentum by hosting a fintech meetup featuring a panel discussion on the outlook for blockchain and payments in 2024. 

Notable figures such as Brendan Berry and Pegah Soltani will lead the discussion, with Ripple’s Chief Technology Officer, David Schwartz, also participating.

Related: Bitstamp Resumes XRP Trading Following Temporary Glitch

Broadening to Real-World Asset (RWA) Tokenization

In addition to expanding its reach with XRP, Ripple is broadening its scope to include real-world asset (RWA) tokenization. 

David Schwartz, Ripple’s Chief Technology Officer, revealed the company’s plans to venture into tokenizing real-world assets during a recent X Spaces session.

Schwartz highlighted the slow adoption of cryptocurrencies for payments and emphasized the importance of exploring alternative use cases to drive growth. 

Ripple aims to leverage its expertise in blockchain technology to facilitate the tokenization of real-world assets, thereby unlocking new avenues for value creation.

“We’re big believers in payments. We’re not going to stop doing payments. However, I think these other use cases are extremely important,”

Schwartz affirmed. 

Multichain Approach and Timing Considerations

Schwartz emphasized the importance of a multichain approach, with each blockchain offering unique capabilities. 

Ripple aims to provide an ecosystem of tools to support various use cases, including NFTs and smart contracts while maintaining interoperability across chains.

However, Schwartz acknowledged the challenge of timing when adopting new use cases, noting that the company had previously been ahead of its time with some initiatives. 

Nonetheless, with Ripple’s expanded resources and expertise, the timing appears opportune to diversify its offerings and address evolving market demands.