Blockchain company Ripple has been praised by the Dubai government’s official media as a leader in its field. The spotlighting came shortly after Ripple opened its new business office in the country, and the government’s media office highlighted the country’s proactive approach to innovative technologies and friendly policies towards the growing industry. Such policies have attracted significant industry players to Dubai and have been part of the selling point for the country.
Ripple’s CEO Brad Garlinghouse has reiterated the company’s plans for expansion into Dubai and said that 20% of Ripple’s customers are based in the Middle East and North Africa. Dubai has been developing clear regulatory regimes and creating a friendly environment for crypto innovations and infrastructure to succeed. Ripple hopes to expand its business globally, and the move into Dubai fulfills its desire to launch a MENA branch. The company is also targeting expansion into Europe.
Meanwhile, Ripple has been undergoing a legal battle with the US Securities and Exchange Commission (SEC) since December 2020. The SEC sued the company and some of its executives for selling XRP tokens through an unregistered securities offer. Ripple argues that XRP is not a security. Brad Garlinghouse maintains the company would win the lawsuit, but Ripple would consider relocating from the US if it loses the case.
Despite the legal battle, XRP has shown a slightly positive price performance amid the prevailing bearish trend in the crypto market and is trading at around $0.4267, indicating an increase of 1.40% over the past 24 hours.
The move into Dubai is one of Ripple’s latest actions on its expansion plans. The new office at Dubai International Financial Center (DIFC) is Ripple’s regional headquarters. The company hopes to expand into other regions like Europe and is in the process of opening offices in various locations.
Ripple has been at the forefront of ensuring seamless cross-border payments since its emergence in 2012. Ripple’s technology enables real-time cross-border payments between financial institutions in a more efficient, secure, and cost-effective manner. The payment solution has found great acceptance among various financial institutions globally, including some of the world’s largest banks.
In conclusion, Ripple’s expansion into the Dubai market is set to offer a unique value proposition that will not only benefit the company and the region but also create opportunities for other blockchain companies to thrive. Dubai’s pro-innovation approach and friendly regulatory environment position it as an ideal launchpad for blockchain companies seeking to establish a foothold in the MENA region and beyond.
