Ripple has announced the appointment of the former Uber leader to lead the expansion in Southeast Asia, the company said on March 18.
Brooks Entwistle joined Ripple after serving as chief business officer at Uber. The new CEO of Ripples’ Southeast Asia Wing has previously spent two decades at Goldman Sachs, serving as a partner and chairman of the board in the same geographic region.
Ripple’s willingness to continue its Asian expansion on RippleNet, despite the ongoing litigation with the US Securities and Exchange Commission, is not surprising. Ripple Labs CEO Brad Garlinghouse said in early March that Ripple’s expansion in the region is ongoing and that the issuance of XRP securities will not affect progress.
RippleNet is a network of financial institutions and payment systems owned by Ripple. Its use is independent of the XRP coin, and the state of one of them has no compelling reason to influence the other, positive or negative.
RippleNet general manager Ashish Birla said the Entwistle agreement demonstrates the need for specific knowledge of the region while Ripple negotiates with banks across Southeast Asia.
“The payment ecosystem in Southeast Asia is very dynamic with quite complex country-specific schemes requiring a lot of in-depth knowledge […] We are delighted to welcome Brooks to lead the mission as Ripple has redoubled its efforts to foster tremendous growth in the region.” said Birla. …
Ripple reports that transactions on RippleNet have grown tenfold from a year earlier in 2020. In March, one of RippleNet’s well-known users, MoneyGram, left the payments network. At the time, Brad Garlinghouse accused US lawmakers of stifling innovation for failing to establish clear guidelines, suggesting that a SEC lawsuit could be a catalyst for the rift.