Key Takeaways
- • Ripple's London office now occupies three full floors and is "over capacity," according to UK and Europe managing director Cassie Craddock, who described London as the company's largest office outside the US.
- • Craddock says UK institutions are beginning to engage with blockchain services after regulatory uncertainty previously held them back, while Ripple had already signed agreements with major EU banks under MiCA.
- • Aviva Investors allocated £50 million to a tokenized sterling share class of its Sterling Liquidity Fund on the XRP Ledger, bringing its total tokenized investment across sterling and dollar products to more than £86 million ($116 million).
- • The UK's crypto regime is expected to take effect on October 25, 2027, with the FCA's authorization gateway open since September 30 for firms seeking permission.
Summary
Ripple's London office is "over capacity," according to Cassie Craddock, the company's UK and Europe managing director. In a November 4 post on X, Craddock wrote that "today it is three floors, every desk is full and we are over capacity." Ripple took the office in 2018 with two floors, some of which were unused; it now occupies three. Craddock attributed the company's early commitment to London to its capital markets, legal infrastructure and financial talent.
Craddock said Ripple had been signing agreements with major banks across the EU following the introduction of the Markets in Crypto-Assets (MiCA) framework, while large UK institutions remained hesitant. She said "regulation was the missing piece" and that this had changed, with engagement from leading UK financial institutions becoming more meaningful. Ripple already holds specific UK permissions, including an Electronic Money Institution license and cryptoasset registration from the Financial Conduct Authority, announced on January 9.
As evidence of institutional engagement, Craddock pointed to Aviva Investors' October 26 launch of a tokenized share class for its Sterling Liquidity Fund on the XRP Ledger. Aviva allocated £50 million to the new sterling class, taking its total across sterling and US dollar tokenized offerings to more than £86 million ($116 million). The sterling fund manages approximately £22 billion ($29.4 billion), so the initial allocation equates to roughly 0.23% of assets. Aviva Investors CEO Mark Versey said, "We believe tokenized funds can increase efficiency and ultimately lead to improved client outcomes." The offering uses a "digital twin" structure in which blockchain tokens represent ownership in the existing fund. The article notes that the allocation is focused on tokenized money market fund shares and does not involve XRP purchases, and that neither development shows how much XRP institutions will acquire or retain.
The expansion coincides with Britain's move toward a crypto framework. The FCA opened its authorization gateway on September 30, and the regime is expected to take effect on October 25, 2027. City Minister Lucy Rigby, speaking at UK Digital Assets Week on October 6, said the challenge was "creating the conditions in which markets can adopt it at scale." Rigby also highlighted work led by Wholesale Digital Markets Champion Christopher Woolard on tokenization barriers and reforms to accommodate stablecoins.
Craddock said Ripple had been signing agreements with major banks across the EU following the introduction of the Markets in Crypto-Assets (MiCA) framework, while large UK institutions remained hesitant. She said "regulation was the missing piece" and that this had changed, with engagement from leading UK financial institutions becoming more meaningful. Ripple already holds specific UK permissions, including an Electronic Money Institution license and cryptoasset registration from the Financial Conduct Authority, announced on January 9.
As evidence of institutional engagement, Craddock pointed to Aviva Investors' October 26 launch of a tokenized share class for its Sterling Liquidity Fund on the XRP Ledger. Aviva allocated £50 million to the new sterling class, taking its total across sterling and US dollar tokenized offerings to more than £86 million ($116 million). The sterling fund manages approximately £22 billion ($29.4 billion), so the initial allocation equates to roughly 0.23% of assets. Aviva Investors CEO Mark Versey said, "We believe tokenized funds can increase efficiency and ultimately lead to improved client outcomes." The offering uses a "digital twin" structure in which blockchain tokens represent ownership in the existing fund. The article notes that the allocation is focused on tokenized money market fund shares and does not involve XRP purchases, and that neither development shows how much XRP institutions will acquire or retain.
The expansion coincides with Britain's move toward a crypto framework. The FCA opened its authorization gateway on September 30, and the regime is expected to take effect on October 25, 2027. City Minister Lucy Rigby, speaking at UK Digital Assets Week on October 6, said the challenge was "creating the conditions in which markets can adopt it at scale." Rigby also highlighted work led by Wholesale Digital Markets Champion Christopher Woolard on tokenization barriers and reforms to accommodate stablecoins.
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