Ripple Expands to Switzerland with a New Office in Zurich
Ripple has made substantial success by launching a new office in Zurich, Switzerland. The main purpose for this is to sell XRP to institutional buyers.
By Janis RijnieksUpdated
3 mins readZurich, Switzerland. Photo: kuhnmi / Flickr
According to Moneyhouse, Ripple obtained commercial registry in Switzerland within the sector for services for banks and credit institutions. They have specified that the main purpose will be selling digital assets, such as XRP, to institutional buyers.
Also, the registry documents describe that the company “may establish branches and subsidiaries in Switzerland and abroad, engage in other business activities in Switzerland and abroad and conduct any business directly or indirectly related to the purpose.”
However, the company was founded just a few days before the registry, hence on May 29 and the official Moneyhouse website isn’t working at the moment. Nevertheless, Ripple now resides among many banks, since Zurich is known as the city with the most number of banks.
Recently in May, Ripple CEO, Brad Garlinghouse went on stage and did a presentation about Ripple and blockchain in general. He explained to multiple commercial bankers the potential that blockchain can bring to financial transactions.
Moreover, of course, he told the bankers about how Ripple can help solve the international payment system deficiencies with their blockchain solutions. He went on explaining that the SWIFT system has not kept up with the age of the internet, and “is slow, unreliable and expensive.”
Ripple’s xRapid Expands to Brazil, Argentina and Thailand
Recently CoinSpeaker reported that Ripple CEO Brad Garlinghouse announced that xRapid, the XRP-powered cross-border payments system, has now reached Brazil and Argentina. Speaking at the Swiss National Bank’s conference on the international monetary system, he disclosed the new corridors opened for xRapid when he was asked about the recent achievements of his company:
“People are getting liquidity that exists in the marketplace in local regions between XRP and the Philippine peso, XRP and the Argentine peso, XRP and the Brazilian real. And it’s tapping into that liquidity that exists in the marketplace,” Brad Garlinghouse said.
Moreover, the biggest bank of Thailand, Siam Commercial Bank, recently announced that they now are using Ripple’s RippleNet for international transactions. With this implementation, they have reduced the transaction time from 2 days to just 1 minute.
While XRP community immediately started speculations over what this partnership could mean for XRP, then, Thailand’s largest commercial bank stated that they will be using Blockchain Technology for Ripple but as for XRP, its customers may have to wait for further announcement.
Be as it may, the announcement has actually been made, as the bank tweeted:
Janis is a cryptocurrency enthusiast and a bitcoin adherent. He has a background in video production, but for the past couple of years, he is a full-time crypto researcher and writer. He has a good understanding of multiple cryptocurrencies and loves to cover daily news. He considers himself a semi-bitcoin maximalist but always is open to any kind of new ideas that could be put on the blockchain. In his free time, he likes skateboarding and cars.
