Ripple is an altcoin and not so strong competitor for Bitcoin, but other altcoins go head to head with its pricing and overall trade. There were rumors in the air that Ripple might change its headquarters and leave San Francisco for good. But the former CEO and co-founder of the FinTech currency Ripple has announced that the company is going to stay and continue its functioning from the dazzling city of San Francisco. When asked to give a reason why this is the final decision, and San Francisco will remain the current headquarters for Ripple, the CEO did mention that it is purely for business reasons.
Legal troubles in USA and Expansion of Ripple
It is not a piece of new news that Ripple had security issues and regulation troubles in the USA, and for that reason, its headquarter was about to be shipped to the U.K, Japan, or other such locations, but in the end, they pulled the switch on this whole thing and decided not to move the headquarters. The company will stay in the USA and will continue its operations from there, says the CEO.
The security regulations and such problems are not new for XRP as it has been facing them for quite some time now, and their opinion on moving the company was based on the same narrative. But Ripple got taken to court by the U.S securities and exchange commission and now awaits its fate on U.S soil.
The conditions in San Francisco are not that great, and possible the Pandemic has to blame in all that as the small business were the entities that got hit the hardest in all this fiasco and are awaiting rescue from anyone at all who can provide them with a lending hand or some financial help whichever comes first. Ripple’s former CEO has donated almost $1.7 million to a philanthropic initiative that supports the San Francisco merchants that got hit by the financial crisis in a hard way in efforts of believing that there is a way to get out of this.
The overall scenario depicts that Ripple’s former CEO is under the impression that if those businesses can stay on for a little longer than these can be saved, and the same is evident for the fate of Ripple in the USA that it needs to hold on for a small fraction of time too.