Ripple in MENA, new HQ in Dubai International Financial Centre
Global fintech Ripple, the parent company of cryptocurrency XRP, has chosen the Dubai International Financial Centre (DIFC) as its new regional headquarters. The company’s goal is to drive growth in the industry for the middle-east region by working with local and regional businesses.
In welcoming Ripple, The DIFC announced that the cryptocurrency company chose DIFC for its innovative regulations, expansive networking opportunities, and it’s reputation as a global hub for the financial technology sector.
“Together, we will advance the use of blockchain in Dubai, UAE and the region, and accelerate the Emirates Blockchain Strategy 2021,” said Arif Amiri, Chief Executive Officer of DIFC Authority.
Ripple has a solid reputation for expeditiously moving digital assets across the globe. It’s a blockchain-based financial network, RippleNet, facilitates instant payments on a reliable and secure platform. It is a favourite platform for most fintech across the world, especially when making international money transfers.
Moving out of the US
Ripple’s top executives were dissatisfied with the quality of regulations over Blockchain and crypto tech in the US. As a result, the company has been deliberating on relocating its head office to another jurisdiction.
From the several countries that were shortlisted, the Asian markets of Japan and Singapore emerged on the top. But the country has finally settled on Dubai.
“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,” said Navin Gupta, Managing Director for South Asia and MENA at Ripple.
Clearly, Ripple is looking to expand its business all over the world. By instituting an HQ in Dubai, The company has consolidated its business prowess in one of the biggest financial hubs on the planet. It will be interesting to find out when the company decides to relocate from the US.