Ripple Expanding Presence in Asia and Europe, Avoiding US Market
Ripple is planning to increase its workforce in the coming months, but it will not be focusing on the United States market. Instead, the company will be strengthening its presence in Dubai, Singapore, and London, according to pro-XRP lawyer John Deaton. Deaton claims to have received this information from Ripple’s CEO, Brad Garlinghouse.
At Mainnet and @bgarlinghouse just said: “We’re hiring in Dubai, We’re hiring in London, We’re hiring in Singapore…”
Now I ask: Do you feel protected?
— John E Deaton (@JohnEDeaton1) September 20, 2023
This decision seems logical considering the regulatory uncertainty Ripple faces in the US and its ongoing legal battle with the Securities and Exchange Commission (SEC). Many Twitter users believe that expanding outside of the US is a strategic move for Ripple.
KALEO, a popular trader, humorously suggested that Ripple is expanding internationally because it is difficult to find good American employees due to low unemployment rates in the country.
Garlinghouse has previously stated that the majority of Ripple’s hiring this year will occur in countries where governments are supportive of the industry and provide clear regulations. Singapore, Hong Kong, Dubai, and the United Kingdom were mentioned as examples.
Ripple’s Lawsuit with the SEC Plays a Role
The ongoing legal battle with the SEC is likely a significant factor in Ripple’s decision to focus on global expansion. In July, Ripple secured a partial victory when the court ruled that its sale of XRP did not qualify as an investment contract. This ruling had a positive impact on XRP’s price.
However, the SEC was dissatisfied with the outcome and filed an appeal in early September. Some experts believe that Ripple will ultimately win the case, leading to further price growth for XRP. KALEO shares this belief.
Hot Take: Ripple Expands Globally Amidst Regulatory Challenges
Ripple’s decision to strengthen its presence in Asia and Europe while avoiding the US market reflects the challenges it faces in its home country. The ongoing lawsuit with the SEC has created regulatory uncertainty for Ripple, prompting the company to focus on nations that offer clearer rules and government support.
By expanding its workforce in Dubai, Singapore, and London, Ripple aims to tap into markets where there is favorable industry leadership and growth opportunities. While the outcome of the lawsuit remains uncertain, Ripple’s international expansion strategy positions it for continued success in a rapidly evolving crypto landscape.
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