Ripple partner Bitso becomes the first platform in Latin America to earn a distributed ledger license from GFSC
- The license will also cover transactions made through Ripple’s XRP-based xRapid.
- The market reacted positively to the news as XRP/USD went up from $0.319 to $0.324.
Ripple partner Bitso, a Mexico-based crypto exchange, became the first platform in Latin America to earn a distributed ledger license from the Gibraltar Financial Services Commission (GFSC). As per the company, custody, withdrawals, deposits and trading will be fully regulated by the GFSC. Bitso clarified that the new license will make sure that the company is following all regulatory requirements:
“This license gives Bitso a leading position as one of the most innovative financial services providers in LatAm and the world, by becoming the first exchange platform in LatAm, licensed and regulated by the GFSC…
The DLT License understands the modern need for robust and speedy interaction with regulators in this fast-moving area of business, while ensuring it continues to meet its regulatory and strategic objectives, bringing more protection and certainty for users.”
The license will also cover transactions made through Ripple’s XRP-based xRapid.
XRP/USD daily chart
The XRP/USD is trending in an upwards channel formation. This Saturday, the price went up from $0.319 to $0.324, following a bearish Friday wherein the price went down from $0.320 to $0.319. The Elliot oscillator shows three straight bullish sessions, while the moving average convergence/divergence (MACD) shows that the signal line is about to cross over with the MACD line, indicating a reversal of bearish momentum.
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
