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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.

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

Andrew Drake
Andrew is a law student currently studying at UNISA, and Global Crypto's in-house reporter. Andrew discovered blockchain in his final year of school and since developed a keen interest in the subject. He appreciates a good cup of coffee. When he is not too busy with work or studies, he enjoys playing a good round of golf.
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