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Ripple Marks Significant Growth in Singapore With Five Times Volume Spike

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Sun, 23/07/2023 - 12:51
Ripple Marks Significant Growth in Singapore With Five Times Volume Spike
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Rahul Advani, policy director, APAC at Ripple, highlights significant growth for Ripple in Singapore and, most particularly, in the Asia Pacific region.

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Speaking on Ripple's growth in Asia, Advani says Ripple remains hyperfocused on building outside the U.S. The Singapore office was established in 2017 to serve as the APAC headquarters.

Ripple has since seen consistent growth in the APAC region, which has become one of its highest-performing regions.

Back in the U.S., Ripple just secured a major victory for the crypto industry in its legal tussle with the SEC as the judge ruled that XRP traded on exchanges is not a security. Meanwhile, XRP sales to institutional investors by Ripple were found to be investment contracts.

As reported, Ripple stated that it is only just getting started in its pursuit of sound crypto regulation in the United States. In the meantime, Ripple says it will continue to invest in jurisdictions that have accepted clear regulatory frameworks as it continues to fight for both itself and the cryptocurrency industry.

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As Ripple builds outside the U.S., this decision is essentially paying off. Ripple has doubled its headcount in Singapore, Advani says, with a five-fold increase in volume seen this year.

The company intends to keep growing its footprint to match the prospects in the region, the APAC policy director stated.

All indications seem favorable, particularly since the Monetary Authority of Singapore (MAS) gave Ripple regulatory approval in principle earlier in June.

With a license on the way, Ripple can keep growing in Singapore and the rest of APAC. Advani said this will better support and scale the use of ODL solutions in the region.

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