Ripple Expands its Offices in Singapore to Keep Growing XRP Coin’s Presence in the Region
Ripple, one of the largest and most popular blockchain companies in the crypto space, is expanding in Singapore. According to Business Times, the firm is expanding its headquarters in Singapore in order to offer better services for its customers in the region.
Ripple Continues Its Expansion Plan In Asia
Asia is a very important region for Ripple that it wants to control. The firm also wants to expand its presence in the local market. According to the senior vice-president of global operations at Ripple, Eric van Miltenburg, there is a large demand in Singapore.
About it, Eric van Miltenburg commented:
“The demand here is significant, so it’s an easy decision for us to continue to invest in this market and make sure that we can… also seek out new customers, new partners and new ways that we can work with the market.”
The intention is to increase the headcount of 12 staff to 24 and also grow the range of its operations beyond a basic customer-servicing.
Ripple offers services to companies and institutions that want to perform cross-border payments in a fast and easy way. The firm is competing against SWIFT and other traditional services used to send money across borders. Legacy services and products are very expensive to use and take several days or hours to process a simple transfer.
Meanwhile, using Ripple’s services, it is possible to reduce the time of the transfers to just a few minutes and also reduce the costs. At the same time, it is possible to use the xRapid service that uses the XRP cryptocurrency to source liquidity on-demand between corridors.
The Asian market is very important for Ripple. Of its over 200 customers, around half are from this region. Southeast Asia is becoming an incredibly important market for the economy. There is a large interest from banks in the region to start working with blockchain technology to process payments.
One of the firms that are currently working with Ripple is InstaReM from Singapore or Malaysia’s CIMB. In Thailand and the Philippines, Siam Commercial Bank and BDO, respectively.
Currently, the XRP digital asset is being traded around $0.3588 and it has a market capitalization of almost $15 billion.