Ripple Could Expand in Europe After Meeting With Minister From Luxembourg
Ripple, one of the largest companies in the cryptocurrency market, could be expanding in the European market through Luxembourg. Luxembourg’s Minister of Finance, Pierre Gramegna, hinted that the country will soon be exposed to Ripple’s services.
Ripple Expands In Europe
Ripple continues its expansion in the market all over the world. Pierre Gramegna, the Minister of Finance, uploaded a picture on Twitter showing him shaking hands with Ripple’s co-founder Chris Larsen.
— Pierre Gramegna (@pierregramegna) April 9, 2019
At the moment there is no information about what could Ripple be developing in the country or specifically with institutions in Luxembourg. Both Larsen and Gramegna could provide further information about what Ripple could be planning on the continent.
Moreover, the Luxembourg Private Equity and Venture Capital Association (LPEA) has recently released a paper regarding security tokens. In this paper, they had a positive stance towards XRP and didn’t consider it security.
The paper reads as follows:
“Payment tokens are virtual or cryptocurrencies (this is, for instance, the case of Bitcoin or Ripple), i.e. tokens intended to be used, now or in the future, as means of payment for acquiring goods or services or as means of money or value transfer.”
Thus, after this definition that Luxembourg gave about Ripple, it is possible to believe that the conversation and meeting these two representatives had was positive.
It is worth mentioning that the European Central Bank (ECB) has been very clear about currencies competing against the Euro. Mario Draghi, the president of the eurozone monetary authority, explained that they will not allow other virtual currencies to compete against the Euro, the official currency of the eurozone.
At the time of writing this article, XRP is being traded around $0.328 and it has a market capitalization of $13.72 billion. This shows that XRP is growing around the world and it is planning to reach new companies and firms, including governments.
This is not the first time that Ripple is working with a national government. For example, back in 2017, Ripple hosted a meeting in which two dozen central banks participated to explore new technologies, including Ripple’s services.
Ripple is currently offering clients the possibility to send cross-border payments in a fast and easy way compared to traditional systems such as SWIFT.