According to the chief executive officer of Ripple, Brad Garlinghouse, Europe is directly benefitting from the confusion surrounding crypto in the United States. That confusion has been exacerbated by the Securities and Exchange Commission and has forced many crypto-related companies to leave the U.S. in search of friendlier, more transparent, locations.
Speaking during a media interview, Garlinghouse, whose own company purchased startup firm Metaco in May, stated that Ripple will be actively trying to restrict its dealings with not only all U.S.-based companies but also all U.S. citizens.
“[The SEC crackdown] has unfortunately encouraged companies like Ripple to invest more outside of the United States. About 95% of our customers are non-U.S. and this year most of our hiring will be non-U.S. for those exact same reasons.”
The exec also referred to Ripple’s purchase of Metaco as being the “perfect fit” with regard to the type of customers the blockchain firm seeks, including their location.
Metaco, which was bought for the sum of $250 million, is anticipated to provide Ripple with accessibility to its A-list customers, such as BNP Paribas, Citi, and Societe Generale.
When questioned about the optimal cryptocurrency regulatory framework following the downfall of FTX, Garlinghouse proposed that American regulators examine countries such as the United Kingdom, the UAE, and Singapore, all of which have defined precisely how they intend to oversee digital assets.
Garlinghouse feels that clear rules and expectations make it possible “for entrepreneurs [and] investors to engage constructively with regulators.”