Speaking at the LA Blockchain Summit, the co-founder and chairman of Ripple, Chris Larsen, disclosed today that they are considering moving their headquarters out of the United States. Larsen blamed the stiff regulatory stance of the country’s authorities concerning digital currencies as well as the companies dealing with them. Possibly, the Blockchain company may be moving to Europe or Asia.

Ripple seeks a crypto-friendly jurisdiction

During the summit, Ripple chairman complained about the unfavorable environment for digital currencies in the country, which was spurred by the authorities. Also, he argued that many cryptocurrency companies in the US had been limited from competing in the global market as a result of the country’s regulation.

So, they may be forced to migrate Ripple’s headquarters in San Francisco out to a more friendly jurisdiction, that’s if the US regulators fail to establish a suitable environment for cryptocurrencies and companies offering related services. 

In his words, Chris Larsen disclosed:

“To be honest with you, we’re even looking at relocating our headquarters to a much more friendly jurisdiction.”

So, where would Ripple move to?

Larsen didn’t specify exactly what country they intend to relocate the headquarters. However, the chairman did mention some countries from Europe and Asia as having a favorable environment for digital currency companies to operate. They include Singapore, London, Japan, and Switzerland, all of which are expanding to become global Fintech centers. 

Larsen also highlighted that crypto companies could be able to grow and co-exist with other markets, innovators, and regulators, unlike in the United States, where most investors in New York, tech entrepreneurs in Silicon Valley, and Washington lawmakers do not get to understand each other. 

The disclosure today comes soon after the Blockchain payment company revealed that it had rebranded its Xpring platform to RippleX. The company also made changes to the management team behind the now-rebranded Xpring and RippleNet, its cross-border blockchain-based payment platform.

This post was last modified on October 7, 2020 7:56 am