Fresh off a partial victory against the mighty U.S. Securities and Exchange Commission (SEC), Ripple isn’t just resting on its laurels. The cross-border remittance firm is charting its path to global dominance, focusing its efforts on a strategic expansion into Europe and the UK. Who said crypto doesn’t make for a compelling underdog story?
The UK Calls: Ripple Responds with a Licence Application
Seizing the momentum from its SEC lawsuit, Ripple is turning its gaze to the UK, with plans to establish itself as a crypto asset firm. This exciting update comes straight from the horse’s mouth – Ripple’s Europe Managing Director, Sendi Young, spilled the beans during an interview with DL News. Looks like Ripple’s taking the phrase ‘strike while the iron is hot’ rather seriously!
The European Dream: A Payment Institution License in Ireland
Ripple’s ambition doesn’t stop at the UK. The firm is reaching for a piece of the European pie as well, applying for a payment institution license in Ireland. This move underscores Ripple’s plan to treat the U.S. as its global hub while extending its tentacles across the pond. Time to pack those bags for a European vacation, Ripple style!
Ripple’s Growth Spree: A Surge in Headcount
But what of the future? Ripple’s growth plans in the UK and Europe may not have a numeric target yet, but Young confirms a continued increase in headcount and hiring for mission-critical roles. The firm has amped up its UK and European workforce by a staggering 75% in the past eighteen months.
Also Read – Ripple saga continues: ‘Crybaby’ SEC’s appeal predicted to crash
From its offices in London, Dublin, and Reykjavik, Ripple maintains its commitment to the US as its global hub. However, in the two years since the SEC lawsuit, most of the firm’s expansion “has happened outside the US,” according to Young, who anticipates further growth in the US.
Ripple’s Philosophy on Regulation and Innovation
Addressing the SEC’s recent crackdown on crypto firms, Young argues for a more nuanced approach. She believes that “regulation by enforcement” isn’t productive or conducive to innovation and investment, and that other jurisdictions such as the UK and EU could seize this opportunity to attract global companies.
