New York endorses Ripple Labs Bitcoin application

New York endorses Ripple Labs Bitcoin application

Bitcoin

Last Monday New York state’s financial regulator accepted Ripple Labs Inc license. The Ripple Labs is a bitcoin business which now can offer crypto currency maintenance. The Department of Financial Services mention that this firm have a transparent visability of capitalization, consumer protection and anti-money laundering.

Acting Department of Financial Services Superintendent Maria T. Vullo said:

“DFS is pleased to continue to foster the growth of the New York virtual currency marketplace.”

As you know, bitcoin it the cryptocurrency using which users can move their money all over the world very quickly and without the need for third-party verification. So a lot of people predicts Bitcoin to become the digital money of the future. But all in all, Bitcoin is too volatile currency for investition.

XRP, Ripple’s service for cryptocurrency, was created especially for fescal institutions. So, it looks like ank, which provides liquidity of external exchanges. New York became the first state for extradition of vast rules for digital and crypto currency companies. It was done for creating a strong protection from many laundering. So, today these companies must get special documentation named BitLicense.

Ripple registered for the license under its corporate name, XRP II LLC. Moreover this firm is backed by Andreessen Horowitz, Google Ventures and IDG Capital Partners.

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