CEO of the prominent US-based remittance company Ripple revealed in his latest interview that only 5% of the company’s customers belong to the United States.
Interview on CNN
In his interview on CNN, Ripple CEO Brad Garlinghouse talked about the performance and the future goals of the firm that is running the third-largest blockchain in the world.
Over recent months, the company has witnessed astonishing progress in terms of volume and worldwide partnerships with banks and financial institutions, but in this growth, there is no role of the US users or clients. Though it is located in the US it has not connected with it via a large user base.
While talking at the platform of CNN, he said 95% of Ripple’s users are from outside of the United States. This shows that the US people still have a lot of reservations in adopting crypto-related products due to regulatory uncertainty and recent actions carried out by the US regulators against the entities dealing with cryptocurrency.
He even revealed that other financial firms in the traditional financial world feel hesitant to integrate with Ripple because the US authorities, such as the Securities and Exchange Commission (SEC), have not yet passed a final sandbox.
However, the Securities and Exchange Commission rolled out a framework for the top two digital assets, Bitcoin and Ethereum, but did not declare them securities. So, a rhythm of the usage of both leading digital currencies was set, which was not defined for other cryptocurrencies.
Due to regulatory pressure in the US, Ripple has faced many difficulties in dealing with customers based in the US. According to Garlinghouse, there are many firms that are willing to work with Ripple, but they are waiting for a clear regulatory sandbox for crypto-assets and crypto-related firms on the government side.
Garlinghouse said that XRP should be recognized by the SEC like two other digital currencies, including Bitcoin and Ethereum. And it must be declared security so people can easily build their trust over it. If Ripple becomes successful in getting clear regulations, the US people will accept wholeheartedly.
There are also some rumors in the markets that Ripple may transfer his headquarters outside of the US. The plan is to go to that place where there are welcoming rules and regulations for crypto firms and startups. Recently, it has established its subsidiary in Dubai to deal with customers in Asia.