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Ripple’s preparations for expansion have not been stymied by a pending XRP securities litigation, as the company has appointed a new managing director for the Southeast Asia region.
Ripple revealed on March 18 that it has recruited a former Uber executive to lead its expansion into Southeast Asia.
Brooks Entwistle joins Ripple after acting as Uber’s chief business officer, where he oversaw the company’s expansion and navigated regulatory challenges across Asia Pacific. The current managing director of Ripple’s Southeast Asia division previously worked for Goldman Sachs for two decades, working as partner and chairman in the same geographic area.
Ripple’s willingness to continue with its Asian RippleNet extension amid a pending litigation with the US Securities and Exchange Commission is unsurprising. Ripple Labs CEO Brad Garlinghouse reported in early March that Ripple’s expansion into the area was continuing and that the XRP securities case would not hinder its advancement.
RippleNet is the company’s own network of financial services and payment processors. Its usage is not dependent on the XRP coin, and the fortunes of either have no reason to influence the other, either positively or negatively.
Asheesh Birla, general manager of RippleNet, claimed that Entwistle’s appointment shows the need for region-specific expertise as Ripple negotiates with banks from different Southeast Asian countries.
“The Southeast Asian payments environment is extremely diverse, with reasonably nuanced, country-specific schemes that necessitate comprehensive information […] “We are thrilled to have Brooks leading the charge as Ripple doubles down on efforts to accelerate our tremendous development in the region,” Birla said.
Ripple claims that purchases on RippleNet will rise 10x year on year in 2020. MoneyGram, a high-profile RippleNet customer, left the payments network in March. At the time, Brad Garlinghouse accused US lawmakers of stifling creativity by failing to establish consistent rules, implying that the SEC litigation was a driving force in the break.