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Blockchain startup Ripple opens new office in Switzerland

Thu, 06 Jun 2019, 11:47 am UTC

Blockchain startup Ripple has opened an office in Zurich, Switzerland to sell its native token XRP to institutional investors, UseTheBitcoin reported citing details on Moneyhouse.

According to the details, Ripple Switzerland GmbH has been incorporated on May 29, 2019, by obtaining a Commercial Registry. It has been registered under “Services for banks and credit institutions” sector.

Headquartered in Zurich, the new entity currently has four persons in its management including Peter Eames, Catrina Luchsinger Gähwiler, and Elizabeth Chien.

“The purpose of the company is the sale of digital assets XRP to institutional buyers. The Company may establish branches and subsidiaries in Switzerland and abroad, engage in other business activities in Switzerland and abroad and conduct any business directly or indirectly related to the purpose,” the description reads.

XRP is currently the third largest cryptocurrency by market cap and is trading at $0.40 at press time.

Earlier this week, Ripple said that it is evaluating its approach to XRP volume reporting, adding that it will take “a more conservative approach to XRP sales this quarter.” The move comes amid growing concerns over exaggerated reported volume in digital asset markets.

Due to the undertaken measures, Ripple said that its sales of XRP in Q2 2019 will be “substantively lower (as a percentage of reported volume) than in the previous quarter—with our stated target of 20bps for programmatic sales of XRP volume, as reported by CoinMarketCap, likely dropping to less than 10bps.”

“Longer term, by being more demanding about our expected standards for market structure and reporting, we hope to begin raising the bar industry-wide,” it added.

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