Ripple chooses Geneva as a strategic hub for its growing operations
30 January 2024
Ripple, an American crypto firm, is further strengthening its ties with Switzerland. Following the acquisition of Vaud-based fintech Metaco, Ripple announced its upcoming establishment in Geneva’s Hôtel de Banque.
Ripple’s choice of Geneva to establish it activities, as opposed to Zug or Zurich, was primarily due to the city’s global financial stature, making it an ideal location for fostering relationships with financial institutions. This decision was also influenced by Metaco’s proximity, with its center of gravity in Lausanne. Ripple aims to rapidly grow its team in Geneva, planning to employ around a hundred people in Switzerland by the end of 2024.
The acquisition of Metaco, which cost Ripple USD 250 million, represents a strategic alignment of Ripple’s cross-border payment infrastructure and Metaco’s digital asset storage capabilities. This synergy is expected to enhance Ripple’s portfolio in the digital finance industry, with a focus on meeting the needs of financial institutions, which make up 95% of Ripple’s clientele.
Eric Van Miltenburg, Ripple’s Vice President of Strategic Initiatives, elaborated on the company’s plans in Switzerland and beyond in an interview with L’Agefi at the World Economic Forum in Davos. He highlighted Ripple’s robust financial position, with over a billion dollars in liquidity, and its intention to buy back shares worth over USD 285 million, valuing the company at USD 11 billion.
Ripple, known for its exploitation of the cryptocurrency XRP and interbank transfer technology, employs a thousand collaborators globally. Despite its strong US roots, the company is focusing on international markets, with significant hiring outside the US in locations like London, Dubai, Singapore and Toronto.
The maturing landscape of the cryptocurrency sector
Ripple’s presence in Geneva’s historic banking district signifies the growing acceptance of crypto assets in traditional finance. The company’s journey, from its inception in San Francisco as a blockchain-based electronic transaction enterprise to a pivotal player in digital finance, reflects the growing maturity of the cryptocurrency sector.
This expansion into Geneva, a city known for its financial legacy and innovation-friendly environment, marks a significant step for Ripple in cementing its position in the international digital finance arena.