SBI Holdings CEO encourages ripple to relocate to Japan

Quick take

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• The chief executive officer of SBI Holdings, Yoshitaka Kitao has said that Ripple, the San Francisco based blockchain initiative, should relocate to Japan leaving the United States. 

• In a press briefing that went on earlier this week on the 28th of October, the CEO said that the company has “made Japan the most promising candidate“. 

The chief executive officer of SBI Holdings, Yoshitaka Kitao has said that Ripple, the San Francisco based blockchain initiative, should relocate to Japan leaving the United States. In a press briefing that went on earlier this week on the 28th of October, the CEO said that the company has “made Japan the most promising candidate“. This was in reference to the new headquarters if the company really does end up leaving San Francisco.

For those that don’t know, both the co-founder and CEO of the company, Chris Larsen and Brad Garlinghouse respectively have expressed their frustration when it comes to regulation in the United States for cryptocurrency. Earlier in October, the co-founder said that the company was looking into moving out of the United States and into countries such as Switzerland, the UK or in this case, Japan. The US authorities have a “regulation through enforcement“ policy and when it came to preparing for the crypto generation and adapting the financial ecosystem, the country was in his words, “wilfully behind“.

In a report from Bloomberg earlier this month again on the 22nd of October, the company had seemingly shortlisted Japan and Singapore for the key countries to move to if the firm was to relocate. At the time, the CEO said that he had spoken to SBI Holdings in regards to using the country as a potential location for its headquarters. The interesting part is that SBI Holdings is an investor in Ripple with Kitao sitting on the board of directors for the company. 

In the Bloomberg report, Garlinghouse said, “Japan is one of our fastest-growing markets, in part because we have key partners like SBI.”

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