Ripple Secures Another Key European License as XRP Rises

Core Insights - Ripple has received preliminary approval for an Electronic Money Institution (EMI) license from Luxembourg's financial regulator, CSSF, which is a significant step for the company [1] - This approval follows Ripple's recent EMI license approval from the UK's Financial Conduct Authority, enhancing its capacity to expand cross-border payment infrastructure in Europe [2] - Ripple's President highlighted the EU's proactive stance on digital asset regulation, which provides necessary certainty for financial institutions to scale blockchain operations [3] Regulatory Expansion - With the new Luxembourg license, Ripple's licensing portfolio now exceeds 75 regulatory licenses globally, indicating a robust compliance framework [4] - The Ripple Payments platform has achieved a significant milestone, processing over $95 billion in volume and covering more than 90% of daily foreign exchange markets [4] Market Impact - The preliminary approval is seen as a pivotal step for Ripple to offer essential blockchain infrastructure to clients across the EU, promoting financial innovation in the region [5] - XRP, the cryptocurrency associated with Ripple's payments platform, experienced a price increase, trading at $2.17, reflecting a rise of over 3% on the day [5]