Ripple seeks to get VASP regime in Ireland
The San Francisco-based Fintech firm Ripple is working to get a crypto regime to provide services for the businesses of Ireland.
Ripple is a San Francisco-based Fintech company, which provides cross-border payment services for small & big businesses. Ripple uses its blockchain “XRP ledger” & global trade volume of XRP token as a liquidity to process the payments. Two years ago, the securities regulatory body of the United States filed a lawsuit against this company over many concerns related to the activities of Ripple & its team and that case is still running.
On 18 November, Stuart Alderoty, General Counsel at Ripple, appeared in an interview with CNBC and said that Ripple company operates its business with huge numbers of talents from the US but still the company has huge numbers of customers from non-US regions & also the company generates huge revenue from non-US customers over US customers.
“Essentially, its customers and its revenue are all driven outside of the US, even though we still have a lot of employees inside of the US,” General Counsel noted.
In this way, Ripple official said that the company plans to depend on the majority of the non-US regions to generate revenue instead of depending on the US only.
Further Ripple Counsel said that the company is already active in the Irish market and now planning to receive the Virtual Asset Services Provider (VASP) regime from the Central Bank of Ireland. Besides the VASP regime, the company also intends to acquire an electronic money licence in the island nation but in future. In this way, Ripple wants to expand its reach to the whole of Europe.
It is worth noting that, in the present time, the crypto sector is in a winter phase, where the majority of the crypto companies are trying to cut their workforces & stopping the expansions, to sustain the company’s financial condition. But here Ripple is doing something unique over other companies and continuously working to expand its reach everywhere where it is possible.