Ripple has decided to open a new office in Switzerland in order to sell XRP to institutional investors. The information was released by Moneyhouse a few days ago. The intention is to gain more coverage and acceptance for the digital currency XRP. Ripple is working in order to make it easier for banks and financial companies to send and receive cross-border payments.
Ripple Opens New Office in Switzerland
According to Moneyhouse, Ripple established its company called Ripple Switzerland LLC by obtaining a Commercial Registry. The social purpose is to sell the XRP digital asset to institutional buyers. The new offices are headquartered in Zürich, a very vibrant city for blockchain and cryptocurrencies.
https://twitter.com/XrpCenter/status/1136241685774491648
The description of the purpose reads as follows:
“The purpose of the company is the sale of digital assets XRP to institutional buyers. 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.”
During the recent Swiss National Bank Conference that was held in May 2019, the CEO of Ripple, Brad Garlinghouse, talked about blockchain technology and commented how banks around the world were using Ripple’s technology and products.
Ripple wants to make it easier for banks and financial institutions to transact funds across borders. They claim that as information has no borders, money should also find the way to be transacted between boundaries without friction. Mr. Garlinghouse said that blockchain technology can enable two parties to transact with each other without having to trust an intermediary.
Ripple currently wants to compete with different other systems and networks, including SWIFT. During the last months, there have been other announcements that mean that Ripple will have more competitors. For example, JP Morgan Chase announced it was working on a digital asset called JPM Coin with the intention to make it easier for clients to move money. Additionally, Facebook is also planning to launch a digital asset called GlobalCoin and that could help individuals reduce costs while sending cross-border payments.
Currently, Ripple is the third largest virtual currency in the market. According to CoinMarketCap, the digital asset has a market capitalization of $16.85 billion and a price per coin of almost $0.4. In the last 24 hours, the digital asset expanded by 1.12%.
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