Traditional financial institutions recognise the benefits of digital assets but still face high hurdles at the adoption stage, Ripple executives said.

On June 15, blockchain media outlet U.Today reported that Cassie Craddock, who leads Ripple’s European expansion, said banks and financial institutions want to use the benefits of cryptocurrencies in a simpler way.

Craddock said on a recent podcast that traditional finance is showing demand to partner with experienced firms in the newly formed cryptocurrency industry. She also stressed that Ripple is a provider suited to that demand. Craddock said Ripple has been in the market for more than 10 years and that the time aligns well with building trust. She said Ripple has worked with major banks since its early days and that its experience managing the world’s largest customers over a long period is a differentiator.

The remarks show that banks are more sensitive to how digital assets are adopted and to operational stability than to the usefulness of the assets themselves. They also underscore that existing financial institutions prefer teaming up with providers that have already dealt with large clients rather than internalising new technology themselves.

Ripple is also accelerating its business expansion in Europe. Craddock said the London office is the company’s largest after its San Francisco headquarters. She said Ripple saw a “fantastic opportunity” in Britain because London is a major financial services hub, and that this allowed the company to attract strong talent.

Ripple’s European workforce is currently about 200 people. Craddock said recent acquisition work has enabled expanded hiring. She also said Ripple runs a large custody business in Europe and that some customers include major banks. She said it is important to increase investment in the local product team and the Geneva engineering team.

Ripple is also continuing to expand its footprint in Europe. Craddock said Ripple has opened an office in Luxembourg and also has offices in Iceland and Ireland. She said Ripple wants to keep investing in the region and is also looking ahead to the licences it is currently securing.

The trend aligns with Ripple’s direction of broadening its position from a cryptocurrency company to an infrastructure provider that supports traditional finance’s entry into digital assets. As it strengthens custody, staffing and licence investment in Europe at the same time, a key question is how much further Ripple can expand its base of banking customers.