BlockBeats report: On March 11, cryptocurrency company Ripple announced its plan to acquire payment company BC Payments Australia to obtain an Australian Financial Services License (AFSL), with the transaction expected to be completed on April 1. Upon completion of the acquisition, Ripple will receive the Australian Financial Services License, which will become a necessary qualification for certain cryptocurrency companies to offer financial services in Australia.
Ripple stated that, following the acquisition of the AFSL, its payment operations can now manage the entire transaction lifecycle in Australia, including customer onboarding, compliance, fund settlement, foreign exchange conversion, liquidity management, and final payments, while integrating traditional banking systems with digital asset networks.
Over the past year, Ripple has continued to expand its global compliance footprint, obtaining payment-related licenses in Singapore, the United Arab Emirates, and the United Kingdom, and receiving conditional approval for a national trust bank charter in the United States. The company has also expanded its business through acquisitions, including the acquisition of the institutional broker Hidden Road, now known as Ripple Prime.