According to a recent filing shared by Caitlin Long, Avanti Bank & Trust founder and CEO, Ripple Labs, a blockchain-based payments firm, has now registered a business in Wyoming.
Long shared the news on Twitter with an attached screenshot of the filing which shows Ripple Markets WY LLC’s status as a local business. Ripple is listed as “active” after the initial filing in February 2020.
“More crypto companies are realizing Wyoming is a better domicile than Delaware due to our crypto-friendly laws”. Said Long.
WELCOME TO #Wyoming, @Ripple! More #crypto cos are realizing Wyoming is a better domicile than Delaware due to our crypto-friendly laws. People often ask how many cos have relocated/redomiciled to Wyoming–we dunno. We don't keep lists & we like it that way #XRP @Mark_Gordon_WY🤠 pic.twitter.com/zsUApz25Jy
— Caitlin Long 🔑⚡️🟠 (@CaitlinLong_) February 21, 2021
There are ample benefits for crypto companies choosing to redomicile to Wyoming. Long highlighted many of these benefits, including: No state corporate or franchise taxes, crypto being exempt from property & sales tax and, most importantly, Wyoming’s commercial laws clarify crypto’s legal status.
Despite both Ripple co-founder, Chris Larsen, and CEO, Brad Garlinghouse, saying that they are dissatisfied with the lack of regulatory clarity on crypto and blockchain in the US as a whole. It doesn’t appear that Ripple will be moving their headquarters to the crypto-friendly Wyoming state, as the principal office and mailing address is still listed as San Francisco.
Wyoming has become the newest haven for crypto companies over the past 2 years. In October 2020, Kraken, a US-based crypto exchange, secured approval from the Wyoming Banking Board to become a crypto bank. Less than two weeks after Kraken received its approval, Avanti Bank & Trust was also granted a bank charter by the Wyoming State Banking Board.
Feature image by ThaiBitcoin from flickr
