Ripple expands in Shanghai, China

05 Feb 2019

contentRipple has announced its plans to expand internationally and open offices in Shanghai, China - Asia Crypto Today reports.

The company has already started to look for new recruits, posting job descriptions on LinkedIn to attract talent.

The cryptocurrency giants wrote, in an effort to recruit a country manager: “We are looking for our first set of feet on the ground in Shanghai to launch and operationalize our brand new Shanghai office. While you won’t be charged with doing this on your own, this role requires an extremely high level of autonomy, entrepreneurial energy, and business savvy in order to smoothly bring a new international office online.”

China is always an attractive option – being the second biggest nation worldwide for remittances, which add up to $67 billion yearly. This expansion will allow Ripple to compete with companies like Swift and work to become the global leader in the sector.

However, one could argue that the Chinese government’s continuous attempts to regulate and ban cryptocurrencies would not make the country an ideal one to branch out from. In September 2017, the government stopped local banks from servicing crypto-related companies and last October, it put an end to crypto-related events in public venues. Additionally, fears of tax evasion have prompted a ban of using over the counter services, while blockchain companies will have to register under a set of new regulations starting from 15th February.

On the other hand, there have also been optimistic signs surrounding the development of blockchain and technology in general, with the State Council of China last May saying: “To build a regional equity market in Guangdong, according to the opening up of the capital market, timely introduction of Hong Kong, Macao and international investment institutions to participate in transactions. We will vigorously develop financial technology and accelerate the research and application of blockchain and big data technologies under the premise of legal compliance.”

Currently, Ripple has offices situated in San Francisco, New York, London, Mumbai, Sao Paulo and Sydney.