Enterprise blockchain firm Ripple‘s co-founder Chris Larsen recently commented on how the UK has become a major Fintech hub.
The UK is also adopting a progressive approach to regulating crypto-assets, according to Ripple co-founder Chris Larsen (although certain significant challenges still remain).
— Chris Larsen (@chrislarsensf) September 25, 2023
Larsen, co-founder of Ripple, pointed out that the UK has made key advancements in finance and tech. He recently referenced a social media post from UK Chancellor Jeremy Hunt who says that the nation is similar to Europe’s “Silicon Valley.”
The Chancellor shared his vision for the UK, with a sharp focus on the digital transformation of the nation’s economy into a central hub similar to Silicon Valley. With one of the highest levels of Fintech adoption, the country has shown considerable potential for technological and financial innovations.
Chancellor Hunt shared his vision for the UK to become a technologically-advanced hub. This update came during meetings with tech representatives from Amazon, Apple, Meta, Microsoft, Google.
In a speech delivered in London, he shared a plan for supporting the UK economy, while noting that digital technology, green economies, and life sciences presented promising growth opportunities
He added that these large tech firms are now essential to the future of the country, emphasizing that enterprise, education, employment, and expansion are vital to sustainable economic growth.
Notably, Ripple will focus on London and other markets for its strategic business growth.
Ripple now aims to obtain a spot on the United Kingdom’s register of crypto firms.
Sendi Young, Ripple’s European MD, stated that the firm’s application for registration with the UK’s Financial Conduct Authority and ongoing plans for a payment institution license in Ireland should help with the company’s business expansion efforts.
In other updates shared by the firm, Ripple confirmed that it would no longer be acquiring chartered trust company Fortress Trust.
The cancelled deal came shortly after news circulated that $15 million of Fortress Trust customer’s digital assets had allegedly been stolen. The theft has been blamed on Retool, a vendor that was reportedly a victim of a malicious phishing attack.
CEO of Ripple, Brad Garlinghouse stated:
“A few weeks ago, we signed a letter of intent to acquire Fortress Trust – we’ve since made the decision not to move forward with an outright acquisition, though Ripple will remain an investor.”
As reported, Ripple announced its plans to acquire Fortress Trust on September 8 2023, for an undisclosed sum (reportedly less than the $250M paid for Metaco, which it acquired earlier in 2023).
“The Fortress team is incredibly talented, and has built products solving real customer problems. While this outcome is different from what was originally planned, we’ll continue to support them and hope to work together in the future.”