Ripple, a cryptocurrency platform based in the United States has announced that it is aiming to expand its business to Europe.

The officials at Ripple have announced that they are aiming to enter the Irish cryptocurrency market.

Ripple Awaits Approval from the Irish Regulator

Ripple is among the highest credible and successful cryptocurrency-related firms. It has been expanding its business throughout the running year.

Although the US SEC has tried to cause great harm to Ripple’s business by taking it to the court, still, it has continued expanding its reach.

The firm has shown no signs of stopping and it continues to expand its business all over the world. In the year 2022, the firm has attempted to expand its reach in the European region.

According to Ripple officials, they want to step into the European market through Ireland. They have already submitted the application to acquire a license from the local Irish regulatory authority.

Once they have the approval, they will expand their business to Ireland. Ripple seeks to acquire a license to operate as a cryptocurrency entity in Ireland. It wants to offer the locals crypto services and assets.

This would grant Ripple more access to the European market, where other crypto-related companies have already expanded their businesses.

Statement by Stuart Alderoty

Stuart Alderoty, the general counsel member at Ripple has talked about the business expansion of Ripple in Ireland.

Alderoty has stated that they already have somewhat exposure in the Irish market. They already have two employees in Ireland and they want to acquire the VASP license from the Irish regulators.

The regulatory authority to issue the VASP license in Ireland is the Central Bank of Ireland. With the virtual asset service provider license, they will be able to offer cryptocurrency services to the users.

Passport for Europe

Alderoty claimed that acquiring an operating license in Ireland would work as a passport for Ripple to move its business throughout Europe.

With the license, they will have credibility in front of regulators from other countries in Europe. They will be able to spread their services and assets throughout the European region.

Therefore, they consider that the VASP license would be a passport for their business.

Ripple Wants to Move out of the US

Although Ripple was founded as a US-based company it does not feel welcomed there. In the year 2020, Ripple Labs faced a lawsuit from the US Securities and Commission (SEC).

The platform was blamed for the solicitation of its security (XRP) to the locals of the United States. The lawsuit filed against Ripple has acted as a major drawback for Ripple’s asset XRP even after two years.

It was in 2021 when Brad Garlinghouse, the CEO of Ripple announced that they are thinking about moving their business out of the United States.

If push comes to shove, they will have to make the decision of moving out of the United States. If they have operational approval in Ireland, they will be able to move to Europe without any problems.

In either case, the price of XRP has been moving higher. This is because there is high speculation that the SEC-Ripple battle in the court is going in favor of the latter.

If that happens, then the trading price of XRP would eventually climb higher.