Ripple’s CEO looks to London for a new headquarters


Ripple is considering moving its headquarters overseas due to the frustration of the regulatory climate in the United States. The FinTech company is renowned for its XRP digital currency, CNBC reported.

Brad Garlinghouse, the company’s CEO, says he went to London in September and told the agency that the Financial Conduct Authority doesn’t consider XRP a safety. He noted that other regions have made similar claims.

“What you see in the UK is a clear taxonomy and the UK FCA has taken a leadership role in defining how we should think about these different assets and their use cases,” Garlinghouse said.

A “safe” designation could subject XRP to new and stringent regulations.

In addition to Britain, Garlinghouse also indicated that Singapore, Switzerland, the United Arab Emirates and Japan were vying for a possible international FinTech transfer.

The news comes when Chris Larsen, Ripple’s executive chairman, raised the possibility that his company could leave the United States if the nation’s digital currency rules aren’t renewed.

Larsen told the LA Blockchain Summit in early October that he is considering moving to Britain or Singapore.

Ripple is currently in the midst of legal troubles with the Securities and Exchange Commission (SEC) and investors over the security status of the XRP cryptocurrency.

Ripple oversees a sizable amount of XRP, but the company says its network is decentralized like its competitors ethereum or bitcoin.

In early October, Ripple unveiled a beta offering of Line of Credit which, it claims, allows FinTech clients to leverage XRP cryptocurrency to send international payments. At the moment, it has been noted that the service is not yet available for private individuals.

“With a Ripple line of credit, your financial institution can use XRP to complete instant, low-cost cross-border transfers,” the company said in its announcement. “We allow you to lock a fee at checkout, then refund us when it’s convenient for you, for a small fee.”



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