Ripple intends to increase its headcount in the following months. However, the United States of America is not a market that it will touch upon.
In the following lines, we will pinpoint the destinations that will witness such expansion.
Ripple to Strengthen its Presence in Asia and Europe
The pro-XRP lawyer John Deaton said he has inside information that Ripple will hire more employees in Dubai, Singapore, and London. He claimed the statement came from the company’s CEO – Brad Garlinghouse.
At Mainnet and @bgarlinghouse just said: “We’re hiring in Dubai, We’re hiring in London, We’re hiring in Singapore…”
Now I ask: Do you feel protected?
— John E Deaton (@JohnEDeaton1) September 20, 2023
Numerous X (Twitter) users think this move makes sense due to the regulatory uncertainty in Ripple’s homeland – the USA – and the issues the company has with the local securities watchdog.
The popular trader, going by the name KALEO, jokingly said the firm has chosen to expand in other areas due to the low unemployment level in the world’s largest economy that makes it “impossible to find a good American employee who needs a job.”
Garlinghouse recently stated that over 80% of the company’s hiring this year will happen in nations where “governments are partnering with the industry, and you’re seeing leadership, they’re providing clear rules, and you’re seeing growth.” He pointed out Singapore, Hong Kong, Dubai, and the United Kingdom as such examples.
The Ripple v SEC Lawsuit Plays a Huge Role
It is safe to assume that one factor prompting Ripple to strengthen its presence across the globe instead of the US is the ongoing legal battle with the SEC.
The crypto company secured a landmark but yet partial win against the regulator in mid-July when the court ruled that Ripple’s sale of XRP did not constitute an offer of investment contracts. Expectedly, this acted as a major catalyst for the asset’s price.
However, the SEC was unhappy with the ruling and formally appealed it at the beginning of September. Some believe the Commission’s request will hit a dead end, meaning Ripple will manage to score a decisive win, which will eventually push XRP north again. KALEO is among those who shared that thesis.