Ripple plans expansion in crypto-friendly jurisdictions via acquisition
Ripple boos confirmed that his fintech firm will move ahead toward high-level business expansion in other non-US jurisdictions with the help of acquisitions & organic business growth.
Ripple is a San Francisco headquartered fintech firm. In the present time, this firm is a top successful crypto firm that is known to provide global payment services in the world. Since 2020, this firm has been in legal tension with the United States Securities and Exchange Commission (SEC) over its business nature.
Recently in the Dubai Fintech Summit, Ripple CEO Brad Garlinghouse said that Ripple firm will go ahead beyond its global payment services and further explore other opportunities in the crypto & blockchain sector.
Furthermore, Garlinghouse said that his firm is now focused to expand the crypto business via acquisition or directly exploring several areas organically in this innovative sector.
“Ripple aspires to be more than just that…I think you’d expect that we will expand into some of those other areas either organically or through acquisitions,” Ripple CEO said.
Ripple CEO also explained the importance of crypto businesses expansion in the crypto-friendly jurisdictions. He said that all the crypto-friend countries are not only open to adopting this sector but also have friendly & clear laws for the crypto businesses.
Ripple executive confirmed that Ripple is holding nearly $1 billion cash to use for the company’s acquisition plans & organically expand the business.
Ripple purchases Bitstamp stakes
Recent reports confirmed that Ripple acquired some stakes in the Bitstamp Crypto exchange exchange, as an initial phase of the EU expansion plans.
Over the last couple of years, Ripple has been under huge legal hurdles with the US SEC body. Through the Lawsuit, the SEC agency alleged that Ripple violated Federal securities law because $1.3 billion worth of XRP tokens sold by Ripple executives were subject to the unregistered securities public sale.
Also it is worth it to note that laws in the US are not clear enough for the crypto sector. Over the past 6 months, the SEC body initiated several enforcement actions against the crypto firms but failed to provide clarity over regulatory approach.