November 9, 2020 | AtoZ Markets – Ripple has opened a base in the Middle East and North Africa (MENA) region at the Dubai International Financial Center (DIFC). The Emirates News Agency reported.
DIFC is a financial hub with its own "independent judicial system and regulatory framework" with more than 2,400 companies, according to its official website.
"We already have a significant number of customers in the Middle East and North Africa, and DIFC was a natural choice in terms of the opportunity to set up a location close to our customers," said the company, which oversees South Asia and Middle East and North Africa. Managing Director Navin Gupta said.
"Regional offices serve as a stepping stone to showcase our blockchain-based solutions to the region and deepen relationships with more financial institutions."
Dubai is the capital of the United Arab Emirates and one of the seven emirates that make up the country.
Why is Ripple opening a regional office in Dubai?
Ripple CEO Brad Garlinghouse recently said an unfavorable regulatory regime for the Ripple (XRP) cryptocurrency in the United States means nations such as the United Kingdom, Switzerland, Singapore, Japan, and the United Arab Emirates were all being eyed as potential alternative bases. However, at present, Ripple has not reported that it is making such a move.
Ripple is supporting the development of crypto asset XRP and is promoting its use in products such as cross-border payments and, more recently, loans.
Related: Ripple May Expand ODL Payment Service to Brazil
While investors in the Middle East have existed for as long as Bitcoin has been widely traded, cryptocurrency has yet to boom in the Middle East in a way comparable to the cryptocurrency bull run of 2017. Ripple’s presence in Dubai could stimulate widespread trading in the immediate region and beyond.
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