- These actions demonstrate Ripple’s dedication to expanding into the European market.
- Following the historic ruling, Ripple is looking to significantly grow its business.
Sendi Young, Ripple’s European managing director, recently announced that the business has filed for both UK Financial Conduct Authority (FCA) encryption license and an Irish Payments license.
Ripple has applied for a payment services license in Ireland, which will allow it to provide its payment services in the region, and an encryption license in the United Kingdom, with the goal of establishing itself as an encrypted asset firm.
Following the historic ruling in US SEC v. Ripple Labs by Judge Analisa Torres, Ripple is looking to significantly grow its business. The price of XRP increased by 70 percent following Judge Torres’ order, and many market watchers anticipate an even larger increase in the coming weeks. The entire crypto market reacted positively as the ruling will set a benchmark for wider crypto regulation.
Strategic Expansion Move
Young did not provide any hard growth objectives, but she did say that Ripple is aggressively hiring in the UK and Europe. Over the previous 18 months, the region has seen a phenomenal 75% increase in the company’s employees.
These actions demonstrate Ripple’s dedication to expanding into the European market and better serving European customers.
Ripple has been actively expanding throughout Europe, but the company insists that the United States will always be its primary base. In order to better serve clients and interact with the burgeoning crypto and blockchain ecosystem in Europe, a presence there is a smart business move.
The Monetary Authority of Singapore (MAS), Singapore’s central bank, granted Ripple preliminary clearance for a Major Payments Institution license last month. As was intended last year, the business is actively seeking licenses in the United Kingdom and Ireland.
