Wietse Wind, the founder of Ripple-focused XRPL Labs, which is developing several products with the intention of increasing Ripple adoption, has revealed that the company is in the process of obtaining a banking license for its XRPTipBot.
The BIG news from yesterday’s $XRP meetup is that @WietseWind is in the process of obtaining a banking license for @xrptipbot!@XRPLLabs is going to bridge the legacy network!
Don’t fight the old, build the new!#XRPTheStandard #XRPCommunity #0doubt @baltazar223 @ThisIsTRISS pic.twitter.com/C56MqRNDaX
— Tiffany Hayden (@haydentiff) April 21, 2019
The XRPTipBot allows users to send and receive XRP, and has already been integrated into Outlook, Gmail, Twitter, and Reddit. It was recently revealed that the XRPTipBot is being considered for integration into Skype.
The banking license would be accompanied by KYC and AML features that would make expansion for the product easier, at least as far as persuading regulatory authorities to allow operations is concerned. A successful application for the license would allow XRPL Labs to offer remittance services in the XRP token. A full banking license would allow for a greatly increased scale of operations.
XRPL Labs Doing Its Bit for XRP Adoption
XRPL Labs, which has been invested in by Ripple’s fundraising arm Xpring, has been developing several products in addition to the aforementioned TipBot. XRPL Labs has developed the XRPayments product, which is available on both Google Play and the iOS App Store.