Ripple opens office in the heart of the Dubai International Financial Center (DIFC) and acquires Swell Global 2023.
Ripple, one of the most popular cryptocurrency companies, has it announce its expansion in other countries. The company is poised to expand into Dubai, according to CEO Brad Garlinghouse.
Garlinghouse also revealed the development at the Dubai Fintech Summit taking place today and spoke passionately about its client base in the Middle East. According to him, the organizational processes made the country a good choice for setting up offices. More importantly, he said, Dubai is on the rise to become the new international financial hub for cryptocurrency innovation.
In the US, things were not so friendly for the popular crypto-solutions company. Ripple has been locked in a two-year legal dispute with the US Securities and Exchange Commission (SEC). Additionally, the legal action has been in the media for a while regarding the security definition of virtual assets. This debate has played an important role in the regulatory perspective of the industry.
Ripple, a leading enterprise cryptocurrency and blockchain solutions company, opens office in the heart of Dubai International Financial Center (DIFC) and acquires Swell Global 2023. Ripple has mainly considered serving clients around the world with more than 90% of the company’s clients being overseas United. About fifty percent of Ripple’s payment volume in the Middle East and North Africa (MENA) consists of cross-border payments such as remittances from the UAE, Bahrain and Saudi Arabia to India.
In late 2021, Ripple announced the launch of its first-ever on-demand liquidity (ODL) business in the Middle East, with Pyypl, the international blockchain-based financial services technology company in the Middle East and Africa. ODL was introduced to use the XRP virtual asset and support instant and low-cost cross-border payments. With the help of ODL, financial institutions and small/medium sized businesses can take advantage of the initially caged and pre-financed capital to develop and scale their businesses.
The news of Ripple’s entry into Dubai comes amid the company’s suffering with the Saudi Electricity Company, which cost it more than $200 million. Moreover, since the regulations have not yet been determined by the regulatory authorities in the United States, it is only appropriate for companies to look for better and more habitable environments for their development as companies.
According to Navin Gupta, Managing Director, South Asia, Middle East and North Africa, in a highly interconnected global world, the demands for cross-border payments are increasing, with approximately $156 trillion in cross-border payment flows in 2022 alone. As Dubai is slowly transforming into a region with many important remittance markets and corridors, financial institutions in the Middle East are aiming to make payments faster, inexpensive and more beneficial to the people who need them the most.
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Sanaa is a chemistry major and a Blockchain enthusiast. As a science student, her research skills enable her to understand the intricacies of financial markets. She believes that Blockchain technology has the potential to revolutionize every industry in the world.
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