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Crypto startup Ripple is seeking a license in Ireland to drive EU expansion
Ripple is expanding its presence in the EU, where it plans to “passport” its services through an entity in Ireland, General Counsel Stuart Alderoty told CNBC.
U.S.-based crypto company Ripple no longer derives most of its income from America and is looking to expand its reach in Europe, its top lawyer said.
Speaking in an interview with CNBC earlier this week, Ripple General Counsel Stuart Alderoty said that “effectively, Ripple is operating outside of the U.S.” today due to the fallout from its extensive legal fight with the Securities and Exchange Commission.
“Essentially, its customers and its revenue are all driven outside of the U.S., even though we still have a lot of employees inside of the U.S.,” he added.
At the same time, Ripple is expanding its presence in Europe.
The startup has two employees on the ground in the Republic of Ireland currently. It is seeking a virtual asset service provider (VASP) license from the Irish central bank so that it can “passport” its services throughout the Eurpean Union via an entity based there, Alderoty told CNBC.
Ripple also plans to file an application for an electronic money license in Ireland “shortly.” Its commitment to invest in Europe comes despite a deep downturn in crypto markets that’s been referred to as “crypto winter.”
The Irish central bank previously handed a VASP license to crypto exchange Gemini.
Ripple, which helps financial institutions move money around the world using blockchain technology, has over 750 employees globally, with roughly half of them based in the U.S. About 60 are based in its London office, which Alderoty was visiting this week during a trip to the U.K. for its annual Swell event.