The US-based cryptocurrency company is slowly increasing its presence in Asia. The company is planning double the number of staffs for its Singapore office by next year, the company is planning to offer a wide range to services to the customers, and it will not be limited to customer care only. The news was reported by a leading news agency of Asia on 8th April.
The senior officer of Ripple in an interview has told that they are trying to meet the growing demands of Fintech welcoming area of South East Asia. He also said that the area is critical to the company as the regional banks are using the blockchain technology for transactions. He also believes that the demand in this region is increasing and it is an easy decision to make to invest in this area.
The firm focuses in developing protocols for cross border transactions. The market of Southeast Asia is essential for the company as almost 50% of their customers are located in this region, and most importantly most of them are leading Banks. Some of the clients of Ripple in this region are Siam commercial bank from Thailand, CIMB bank of Malaysia, BDO of Philippines and InstaReM.
Most important and longstanding relationship of Ripple is with SBI, the financial giant from Japan. They invested in Ripple in 2016.
The company is trying to expand its cross-border transaction through xRapid, a blockchain based payment solution of xCurrent in this region. The company recently has employed a leader for business development for the Asia Pacific countries; the person will be looking after its xRapid department.
xRapid is gaining rapid adoption in this region, another cryptocurrency exchange firm Coins.ph has confirmed that they are adopting Ripples, xRapid for the payment solution. Many Asian countries are playing a dynamic role in shaping up the crypto industry. Amongst them all, role of China is important but they have maintained a negative stance towards its adoption.
Cryptocurrency mining is relatively cheap in China as the electricity is comparatively cheap here. The country has also given emergence to some of the great names in the crypto mining equipment industry. The important of them all are Canaan creatives, Bitmain technologies and Ebang international.
Singapore has also shown crypto friendly behaviour so far. The country has approved friendly policies for the virtual currency industry. As a result, many blockchain based startups have set their offices in the country.