Ripple has opened a new regional headquarter in Dubai, one of the fastest-growing fintech cities in the world. The company will be establishing its regional headquarters at the Dubai International Financial Centre (DIFC). According to the official announcement, Ripple has chosen DIFC due to its “innovative regulations, expansive network and reputation as a leading global financial centre.”
Ripple Opens Dubai Office
Ripple is now expanding its presence around the world with a new office in Dubai that will allow it to have better regulations, expand into the Middle East, Africa and South Asia (MEASA) region and offer better services to clients.
Ripple is one of the largest and most recognized firms in the cryptocurrency and blockchain industries. The team behind Ripple has been working in order to offer solutions and services to companies all over the world that wanted to perform cross-border transactions.
At the same time, they are allowing customers to process transfers in just seconds and using the XRP digital asset, the 4th largest in the world at the time of writing this post. Furthermore, the transfers offer end-to-end visibility and the RippleNet has already reached 45 countries.
According to Navin Gupta, the Managing Director for South Asia and MENA at Ripple, the company has already an established and significant client base in the MENRA region. This is why they found the DIFC a natural choice to open a new office.
On the matter, Mr. Gupta 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.”
Arif Amiri, the Chief Executive Officer of the DIFC Authority, said that Ripple will be able to leverage DIFC’s world-class platform, laws and regulations. This would allow Ripple to work with a wide range of DIFC clients that have already been integrated into the financial ecosystem of the MENA region.
At the moment, at the DIFC there are more than 230 large FinTech companies that are offering services and products to clients from all over the world.
Although the announcement looks promising for Ripple, XRP didn’t seem to be affected. The virtual currency is being traded at a price of $0.250597 per coin and it has a market valuation of $11 billion. In the last 24 hours, its price fell by 0.42%.