Ripples Brad Garlinghouse says the SEC Lawsuit hasn't affected the Firms business in Asia Pacific Region
March 8, 2021 11:16 AM
The CEO of Ripple has revealed on Friday that the company's business in Asia has not suffered from same level of hit as they have experienced with United States.
Brad Garlinghouse confirmed that the company's business in the Asia-Pacific region has been flourishing despite an ongoing lawsuit with the U.S regulators.
Japan still believes in Ripple as they leads Ripples Asia Charge
Ripple and some of its executives are faced with a $1.3 billion lawsuit for selling unregistered securities to investors from 2013.
However, Ripple and its executives have constantly denied such claims regarding the firm's wrongdoing, but this move hasn't deterred several U.S.-based crypto exchanges from halting their cooperation with XRP tokens. As coinbase and a host of others delisted 'XRP' the then 4th ranked global cryptocurrency by market capitalization.
Ripples XRP market prices have been affected by the ongoing lawsuit as the token price slumped with exchanges flooding to delist XRP from its trading platform. XRP is currently valued as the 7th largest digital asset by market capitalization.
Brad Garlinghouse, who has come under scrutiny himself after he was accused of accumulating close to $600 million from the unregistered sale during the initial coin offerings (ICO).
According to an interview with Reuters on March 5, Garlinghouse revealed that Ripple's business in areas such as Japan was still flourishing.
The lawsuit has hampered our activities in the U.S. but it has not impacted what’s going on for us in the Asia Pacific region as We've been able to keep growing the business in Asia and Japan because we’ve had regulatory clarity in those markets.
In Japan, Ripple finalized a joint venture deal with Japanese giant SBI Holdings to create (SBI Ripple) a company that aims to facilitate payments underpinned by Ripple’s technology. This is largely due to the firm success as a remittance solution provider in the Asia region.
The Ripple CEO also revealed that despite various U.S. based exchanges delisting XRP, the XRP token has found remarkable success outside the United States as he claims XRP is still trading on over 200 exchanges around the world.
Garlinghouse added that his firm has signed over 15 new contracts with various banks worldwide since the SEC brought its lawsuit against Ripple. Although, according to Garlinghouse's claims, regulatory clarity in the U.S. is hindering innovation.