Ripple is Moving Its Offices To Wyoming Due to Friendlier Crypto-laws

Monday 22 February 2021, 9:00 AM AEST - 1 week ago

It looks like Ripple is now officially a Wyomen-based company. According to Caitlin Long, CEO and Founder of Avanti Bank & Trust, Ripple decided to register its offices in Wyomen due to crypto-friendlier laws.

The move comes following discontent over U.S. crypto-regulations, expressed several times by Ripple’s executives Chris Larsen and Brad Garlinghouse.

Wyoming has become one of the most crypto-friendly states in The U.S., with the local government supporting crypto banking, being Kraken the first exchange to receive a special-purpose depository institution —SPDI— permission.

XRP Wipes out thousands of positions in a Few Minutes

Ripple’s XRP has experienced extreme volatility recently. Yesterday, XRP plunged over -12% in price, without no reason apparently, with a quick recovery over the $0.50 level, maintaining a steady price 24 hours later.

Several positions were liquidated in Binance after the unexpected drop. Something similar happened at the beginning of this month when supporters of XRP —together with Reddit subforums— tried to break resistance levels, but fell massively hours laters.

Despite recently changing its location, several users were displeased with the announcement, and some of them calling XRP a “shady company”

Although the company still appears as listed in San Francisco, Ripple has not made any comments about the topic.

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