Ripple, a leading player in the cryptocurrency and blockchain space, is expecting notable changes in the Asia-Pacific (APAC) region. Fiona Murray, the company’s Vice President and Managing Director for APAC, predicts a substantial increase in institutional cryptocurrency adoption by 2024. This prediction comes amid a wave of interest from traditional financial institutions in the burgeoning digital currency market of the APAC region.
Murray’s outlook is anchored in the growing utilization of blockchain technology for cross-border payment solutions, marking a pivotal shift from traditional payment methods. This trend not only signifies a robust confidence in the security and efficiency of digital currencies but also highlights the strategic importance of the APAC region in Ripple’s global expansion plans. The region is known for its rapid technological advancement and openness to innovation, making it a vital player in the global cryptocurrency market.
The increasing investments by established Web2 companies and legacy payment institutions in blockchain integration further underscore this trend. Murray pointed out that nearly half of the finance leaders in the APAC region anticipate a significant impact of blockchain on their businesses in the next three years. This sentiment is bolstered by proactive steps taken by countries like Singapore and Hong Kong, which are emerging as global leaders in cryptocurrency and blockchain adoption.
As a part of its APAC expansion, Ripple’s Singapore subsidiary, Ripple Markets APAC Pte Ltd, recently secured the Major Payments Institution (MPI) license from Singapore’s Monetary Authority. This allows Ripple to offer regulated digital payment services in Singapore, reinforcing its commitment to expanding in the APAC region.
In a related development, Ripple CEO Brad Garlinghouse has recently renewed his call for industry cohesion in the political arena. With the 2024 US presidential election on the horizon, Garlinghouse emphasized the importance of rallying behind pro-crypto candidates. This call to action is a response to the regulatory pressure on the crypto industry and the perceived anti-crypto and anti-innovation stance of the current US administration.
Garlinghouse, in his statements on X (formerly Twitter), asserted Ripple’s commitment to lead alongside other industry leaders in endorsing candidates who champion innovation and responsible regulation. He highlighted the negative impact of regulatory overreach, particularly from the SEC, and advocated for a return to first principles in 2024 by encouraging initiatives to promote transparency and a compliance-first approach.
