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Only 5% of ripple’s business comes from the US - is this why they want to move away?

Only 5% of ripple’s business comes from the US - is this why they want to move away?

Quick take

1 minute read

  • According to a recent interview with the chief executive officer of the San Francisco-based blockchain initiative Ripple, Brad Garlinghouse revealed that only 5% of clients for the company are based in the United States. 
  • This is more than likely a big reason as to why the company wants to relocate elsewhere in the world.

According to a recent interview with the chief executive officer of the San Francisco-based blockchain initiative Ripple, Brad Garlinghouse revealed that only 5% of clients for the company are based in the United States. This is more than likely a big reason as to why the firm wants to relocate elsewhere in the world.

Earlier this month, Garlinghouse talked with CNN anchor Julia Chatterley where he discussed numerous topics in the obstacles that the company faces when it comes to regulation and how they would operate in the United States.

And the CEO said that 95% of customers for the company are located abroad in other countries outside of the United States going on to add that the services that the company provides don’t have as much popularity within the country due to a lack of certainty when it comes to regulation for the company's token, XRP. Brad further said:

“95% of our customers are non-U.S. customers, and only about 5% are here in the U.S. And people say ‘You are a U.S. company, why is that?’ One of the dynamics is that U.S. companies are waiting for clarity, and that clarity emanates from the Securities and Exchange Commission.”

Years ago, the securities and exchange commission in the United States highlighted that assets such as bitcoin were non-securities. But for ripple’s token, there is yet to be any clarity. He added:

“For us, around XRP and over 100 companies that are working with XRP getting that clarity, it’s very clear to me that XRP is being used by many companies as a currency. You had the U.S. Department of Justice refer to XRP as a currency, you had FinCEN refer to XRP as a currency. But you haven’t yet had that clarity from the SEC.”

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