- Ripple has expanded its presence in Dubai.
- Swell Global 2023 is scheduled to take place in Dubai in November.
- Ripple recently launched the first on-demand liquidity distribution in the Middle East.
rippleThe leading enterprise crypto and blockchain solutions provider is expanding its presence in Dubai on the back of strong growth in the Middle East. The company is opening a new office in the heart of the Dubai International Financial Center (DIFC).Dubai International Financial Centre) and bring Swell Global 2023, the annual customer conference, to Dubai on November 8-9.
With more than 90% of its business outside the US, Ripple caters to clients globally, and the Middle East and North Africa (MENA) region is an important market for the company.
Roughly 20% of all RippleNet customers such as Qatar National Bank, SABB, Al Ansari Exchange, Lulu Financial Holding, and RAK Bank are located in the MENA region. More than half of Ripple’s payment volume in the MENA region comes from cross-border payments, including transfers from Saudi Arabia, Bahrain and the UAE to India.
Ripple Unleashes On-Demand Liquidity in the Middle East
In 2020, Ripple established its headquarters in the Middle East and North Africa region in the Dubai International Financial Center, the location provides the company with regulations for innovation, an extensive network, and a reputation as a leading global financial center.
Ripple CEO, Brad Garlinghousepraised the forward-thinking regulatory environment in Dubai, which allows the local crypto industry to flourish while ensuring responsible behaviour.
Ripple too Announce the launch Its first ever spread of on-demand liquidity (ODL) in the Middle East with Pebblean international blockchain-based financial services technology company in the Middle East and Africa.
ODL uses the digital asset XRP to support instant, low-cost cross-border payments. Financial Institutions and SMEs can take advantage of the already trapped and pre-financed capital to grow and scale their business with ODL.
on the flip side
- Despite Ripple’s expansion and success in the Middle East, the company has struggled organizational challenges in other parts of the world, particularly in the United States.
- Ripple upon request Liquidity Proliferation in the Middle East has facilitated the movement of billions of dollars across borders.
- Ripple faces competition from other enterprise blockchain and cryptocurrency solution providers, including IBM, JPMorgan, and ConsenSys. These companies are also vying for a share of the lucrative cross-border payments market and are investing in their own blockchain solutions to meet the needs of global customers.
Why should you bother
With the ongoing regulatory litigation in the US, Ripple’s expansion into new markets, such as the Middle East, highlights the importance of global regulatory clarity and the potential for other companies to follow suit.
To learn more about Ripple’s CEO’s comments on the $200 million spent in its legal battle against… SECCheck out this article:
Ripple CEO: $200 Million Spent in Legal Battle Against SEC
To read about El Salvador’s latest move to join Dubai in eliminating tech taxes, as agreed by CT, check out this article:
El Salvador joins Dubai in cracking down on tech taxes, Crypto Twitter agrees