Ripple’s managing director announced that the East Asian island nation could be the next home for the blockchain company after the United States withdrew
Ripple’s future on U.S. soil remains uncertain as the company’s executives made contentious comments about two weeks ago. Ripple bosses said the company could move to a new market outside of the U.S. if cryptocurrency regulations weren’t reviewed. According to a Bloomberg Interview yesterday, it seems that executives keep their word.
The San Francisco-based tech company seems to be pushing its plan as U.S. regulations have stayed the same. During the interview, CEO Brad Garlinghouse announced that they had selected Japan and Singapore as potential destinations for a move.
Of the two, Japan is the most likely choice; considering that it is one of the largest markets for the blockchain company. Ripple has a good relationship with Japan due to its longstanding partnership with the Tokyo-based Strategic Business Innovator Group. The partnership with the group, commonly referred to as SBI Holdings, was signed back in 2016.
The two of them jointly built a blockchain company called SBI Ripple Asia in May of this year, with Ripple Labs controlling 40% and SBI Group, the larger 60% stake.
“We have a very successful partnership there [Japan] with a group called SBI. You are actually our largest outside investor, and the CEO there, Kitao-san, was an innovator and pioneer in many areas of finance and technology, ”said Garlinghouse.
He added that Ripple had already spoken to SBI Holding about a possible move. Garlinghouse claimed Japan has always been at the forefront when it comes to blockchain technology, highlighting the much friendlier regulations.
SBI Holding’s President and CEO, Yoshitaka Kitao, joined Ripple’s board of directors last year. It is also reported that Japan’s new Prime Minister named Yoshihide Suga Kitao as its economic adviser last month.
Beyond Japan, Ripple is also considering Singapore, where it built a new office late last year to simplify its expansion plans for the Asia-Pacific market. Other destinations are Great Britain, the United Arab Emirates and Switzerland.