As Ripple triumphs over the partial win against the US Securities and Exchange Commission (SEC), the payment network plans to expand to the UK. In an exclusive interview with the DL News, Ripple’s managing director, Sendi Young, confirmed that the payment company had submitted its registration for a license to the Financial Conduct Authority (FCA).
The executive mentioned that Ripple is seeking for crypto asset license from the FCA. Subsequently, the official confessed that Ripple plans operate as a regulated payment platform in Ireland. Young added that Ripple is also seeking an Irish payment institution license.
Ripple Applies for Crypto License
Referring to the court judgment summary issued by Judge Analisa Torres, the decision has cemented Ripple’s market value at a significant point to blossom. In a recent report, Ripple’s native token, XRP, surged by 60% following the court verdict.
According to Judge Torres’ ruling, XRP was considered not a security. Addressing the interview question concerning the court judgment, Young expressed delight that the ruling was a huge win.
She anticipates that the court decision will propel the firm to expand its brand value in the US. Besides being well-positioned in the US, Young confessed that the firm will continue hiring in the UK.
She mentioned that the Ripple team has structured strategies and growth plans critical for its expansion to the UK. The executive announced that the firm has started registering for the crypto asset license to operate in the UK.
Additionally Young confessed that Ripple seeks a payment license to enter the Ireland market. She stated that Ripple had accumulated massive investments that triggered the firm to grow exponentially.
Ripple Reveal its Expansion Plans
A reporter from the DL News requested Young to disclose the Ripple growth plans for the UK and Europe markets. Responding to the query, Young affirmed that the firm will recruit new talents in the region. The hiring process might not abide by Ripple’s core mission since the firm plans to recruit more than the expected number.
Even though Young failed to provide further information concerning Ripple’s expected growth plans, she confirmed that the firm would increase its headcount. A revisit of a recent report depicted that for the last 18 months, Ripple increased UK and European staff by 75%. The statistic indicated that Ripple had hired 100 to 900 global talents at London, Iceland, Dublin, and Reykjavik offices.
Young was pleased to see the positive growth momentum for crypto in the UK. She recounted that the UK had promised to become an international crypto hub. With the commendable achievement, Young anticipates that the UK will become an investment center for crypto assets.
In a previous announcement, the chief executive of Ripple, Brad Garlinghouse, had revealed plans to flee the US market due to regulatory pressure. The CEO stated that the payment company will seek a suitable market overseas if the court ruling does not favor Ripple.
Overview of Court Judgement on Ripple Vs SEC Case
A review of the court judgment revealed that Ripple and SEC will undergo further trial. The interviewer expressed concern about the final court outcome. In his inquiry, he asked whether Ripple would exit the US if the court reversed the winning after the trial.
Young responded that most crypto firms have expanded outside the US for the last two years after SEC filed a lawsuit against Ripple. She confirmed that the payment company had not changed its stance on the US as its international hub. The executive anticipates that the US will attract more growth and investment after the court ruling.
In the meantime, Ripple has set up 15 shops in different jurisdictions worldwide. Before the SEC filing, Ripple had established a significant investment attracting larger clientele. Irrespective of this, Young claimed that Ripple has been seeking opportunities to meet the market demand. She confessed that APAC and EMEA regions provide a strong market for Ripple.
In her concluding remarks, Young slammed the enforcement approach adopted by the SEC. She stated that the SEC regulatory mechanism has deemed innovation in the crypto sector. Furthermore, she stated that SEC regulatory gaps have challenged the UK and EU to adopt favorable policies to attract more investment.
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