E-money is the Future of Global Payments. EMI is an acronym for Electronic Money Institutions and it is granted to approved companies by the Financial Conduct Authority.
With the license, Nium will expand its global Business to Customer (B2C) financial services in the United Kingdom. More than 3.1 billion people around the world receive Nium payments and sending money through the platform is cheaper and faster than traditional methods. The CEO of the company, Prajit Nanu, said that the license will be especially handy since their EU license will no longer be legally binding in the UK After Brexit.
All existing customers will be able to use their Open Money Network and new customers will be able to generate accounts as well. Nium will also be able to extend its financial services and explore new markets. Nium partnered with Visa in July and started issuing debit and credit corporate bank cards although it is an electronic banking app that issues e-money.
Nium isn’t the only Ripple partner that is struggling to navigate their services following Brexit. CurrencyCloud has also received a new license from the Central Bank of the Netherlands. Just like the EMI license, this license will allow Currencycloud to continue operating in Europe irrespective of the outcome of Brexit.
Ripple XRP Finally Retests the $0.2800 Level as it Moves Toward the $0.2850 Level
In other news, the XRP token has started moving higher against the USD. After falling to the $0.2600 Level, the token has started recovering and has managed to retest the $0.2800 level. At the time of writing, the price of the token was $0.282695. This means that it is up by 1.04% against the USD and up by 0.09% against Bitcoin BTC. The trading volume over a 24 hour period was $1,232,984,157 and the market capitalization was $12,719,828,132.
The token will most likely reclaim the resistance at the $0.2850 level. This level was extremely bullish for XRP a few weeks ago and crossing it might be just what XRP needs to regain its momentum.
Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.
- Ripple’s Partner, Nium, Gets License to Provide Real-time Payments in the UK After Brexit
- Ripple XRP Finally Retests the $0.2800 Level as it Moves Toward the $0.2850 Level
Nium is one of Ripple’s best partners in the FinTech industry and it has just received an EMI license for electronic payments in the United Kingdom. According to the press release, this will prevent the company from going on after Brexit as they provide residents of the United Kingdom with an affordable channel for instant remittance.
The EMI license was granted by FCE, a financial regulator in the United States. This license will not just allow them to make electronic transfers. It will also allow them to issue electronic money. So, it will indirectly promote the adoption of XRP and other virtual currencies.