Ripple has chosen Dubai to be the company’s new regional headquarter. Dubai has been chosen as the destination because it is considered to be the fastest-growing fintech city in the world.
Ripple has chosen the Dubai International Financial Centre(DIFC) as its destination. Dubai also has been open to businesses and has kept its regulations friendly and innovative.
Ripple looking to expand its presence
Ripple is ever-expanding and is now expanding its presence around the world. With its presence in Dubai, it can easily capture the adjoining areas like the entire Middle-east and South Asian region to offer superior services to the client. Ripple has established its name as one of the most recognized firms in the crypto circles and it has always taken efforts to perform cross-border transactions in the most smooth manner possible. It has provided measures enabling it to allow customers to process transfers in seconds using its XRP digital asset. Ripple Net boasts of a vast expansive network with its reach in 45 countries.
Not that Ripple does not have a presence in the MENARA region, yet it is natural to open a new office in that region to dominate in the region as well as take advantage of the new uprising. Mr. Navin Gupta the Managing Director for South Asia and MENA at Ripple stated:
“Our regional office will serve as a springboard to introduce our blockchain-based solutions and deepen our ties with even more Financial Institutions in the region. We feel very welcome in our new regional home at DIFC.”
According to Arif Amiri, the Chief Executive Officer of the DIFC Authority, Ripple will leverage the new location’s world-class platform, its laws, and regulations. Ripple will get a hold of DIFC clients that have already been integrated into the financial ecosystem of the MENA region. In the DIFC region alone there are more than 230 huge Fintech companies that Ripple can take advantage of.
Ripple and its US regulations
Last month, Ripple’s Executive Chairman Chris Larsen had threatened that his company might leave the U.S. if the country’s cryptocurrency regulations aren’t changed. He called the country’s stance towards cryptocurrency very hostile especially the SEC. With its expansion to other upcoming nations, it can conduct business liberally than it does in the US. The new announcement did not pose much impact on XRP as the currency is being traded at $0.250597 per coin with a market valuation of
Although the announcement looks promising for Ripple, XRP didn’t seem to be affected. The virtual currency is being traded at a price of $0.249566 per coin. XRP price is down -0.6% in the last 24 hours.
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