Ripple sets up crypto hub in Canada. What's next?

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Ripple sets up crypto hub in Canada. What's next?

 Ripple sets up crypto hub in Canada. What's next?
Image source: © Timonschneider | Megapixl.com

Highlights

  • Ripple plans to hire 50 engineers for the Toronto office.
  • Ripple launched additional offices in Miami and Dublin just last year.
  • One of the most widely covered recent crypto events was the Ripple versus SEC court case.

Ripple Labs, the blockchain and cryptocurrency solutions provider, will set up a regional office in Toronto, Canada. Unfazed by the volatility, the San Francisco-based cryptocurrency business is still looking to expand despite the ongoing significant selloff and job losses in the crypto industry.

Some reports suggest that Ripple might leave the United States following eighteen months of slogging through the SEC's case over the suspected sale of illicit securities.

The SEC cracked down on Ripple in December 2020, claiming that the business had offered the XRP while selling illicit securities. By setting up an office in Canada, Ripple Labs could be evaluating its options because the litigation is taking significantly longer than anticipated.

What is Ripple's plan for Canada?

According to the official statement, Ripple plans to hire 50 engineers for the Toronto office. The crypto organization's goal includes hiring blockchain developers, machine learning experts, and data scientists in future.

As Ripple Labs aims to grow across North America, this will be its first Canadian headquarters. The company said that even though some companies have announced layoffs and hiring freezes, Ripple is looking for people who can support continued innovation.

Ripple has already started working with universities and colleges in the area as part of the University Blockchain Research Initiative (UBRI).

Ripple launched additional offices in Miami and Dublin just last year. It intends to hire hundreds of workers this year.

Ripple offers various services, including cross-border payments and a comprehensive platform for creating, managing, trading, and getting rid of digital currencies issued by central banks (CBDCs).

Ripple is involved in a legal battle with SEC

Bottom line

One of the most widely covered recent crypto events was the Ripple versus Securities and Exchange Commission court case, with many speculating that the outcome may establish a precedent for future crypto legislation in the United States.

The regulators have tightened their grip on crypto exchanges and firms in Canada. Hence, Ripple will have to follow all the regulations as regulators could monitor all of its activities.

Recently, the country banned KuCoin over non-compliance and imposed a heavy fine on the crypto exchange. Canadian regulators also took strict action against ByBit.

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