According to the latest reports, Ripple has made a huge announcement for cryptocurrency users in the Southeast Asian region. The cryptocurrency asset company has announced that it has appointed a new executive for the Southeast Asian region.
The person appointed by Ripple is a former executive from Uber who will be responsible for leading the cryptocurrency project in expanding its services all over the Southeast Asian region.
The announcement around the appointment of a former Uber executive was made by Ripple on Thursday, March 18, 2021.
Ripple has revealed that the former Uber executive it has appointed is Brooks Entwistle. Prior to joining Ripple, Brooks Entwistle had worked as a chief business officer at Uber. In Uber, Entwistle was responsible for leading the growth of the company in the Asian region.
Apart from leading the project, Entwistle was also responsible for keeping a close check on the regulatory adherence of the company in the same region.
Ripple has confirmed that Brooks Entwistle has now been appointed as the new managing director of the Southeast Asian wing of Ripple. Before working in Uber, Entwistle had worked a Goldman Sachs as the chairman as well as a partner in the same (Asian) region. Goldman Sachs had the opportunity of working for two decades at Goldman Sachs.
From Goldman Sachs, he gained an enormous amount of experience in business management, expansion, leadership, and regulatory discipline.
With so much going on with Ripple versus the regulatory authorities, Ripple is still remained focused and determined with its service expansion. It was mid-January 2021 when Ripple CEO had announced that they were going to focus more on expanding their services in entire Asia.
Even at that time, Ripple had specifically mentioned that it was going to target Southeast Asia. The reason behind targeting the particular region is because the countries in Southeast Asia have proven to be extremely welcoming to cryptocurrencies.
Out of all the countries, Singapore is the country that has proven to be very supportive and welcoming towards cryptocurrencies. Although the country has one of the strictest regulatory infrastructures in place for cryptocurrencies, yet they are flexible and supportive to the cryptocurrency industry.
According to Ripple CEO (Brad Garlinghouse), the Southeast Asian region offers a safe, secure, and thriving environment to the entire cryptocurrency industry to thrive in.
At present, Ripple’s headquarters are based in the United States but things aren’t looking good between Ripple and the US regulators. Back in December of 2020, the US SEC went ahead and filed a lawsuit against Ripple. The SEC alleged Ripple of being involved in selling securities to US citizens in the form of XRP, which is not registered or approved by the regulator.
Although Ripple completely denied the allegations, claiming that it did acquire the approval, yet huge damage has been done to the asset in the South/North American region.