Ripple will open an office in the heart of the Dubai International Financial Center (DIFC) and acquire Swell Global 2023.
Ripple, one of the most popular cryptocurrency companies, announced Expansion to other countries. CEO Brad Garlinghouse said the company is ready to expand to Dubai.
Garlinghouse also unveiled developments at today’s Dubai Fintech Summit and raved about its customer base in the Middle East. According to him, regulatory work has made the country a good choice for setting up an office. Most importantly, Dubai is poised to become the new global financial center for cryptocurrency innovation.
In the US, things have not been very friendly for the popular cryptocurrency solutions company, with Ripple embroiled in a two-year legal battle with the US Securities and Exchange Commission (SEC). Additionally, there has been legal proceedings in the media for some time regarding the security definition of virtual assets. This debate has played an important role in the regulatory perspective of the industry.
Ripple, a leader in enterprise blockchain and crypto solutions, will open an office in the heart of the Dubai International Financial Center (DIFC) and acquire Swell Global 2023. The company’s customers from outside the United States. About 50% of Ripple’s Middle East and North Africa (MENA) payment volume 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 on-demand liquidity (ODL) deployment in the Middle East with Pyypl, an international blockchain-based financial services technology company in the Middle East and Africa. ODL was introduced to support instant and low-cost cross-border payments using the virtual asset XRP. With the help of ODL, financial companies and SMEs can utilize their initial trapped upfront capital to develop and scale their companies.
News of Ripple’s expansion into Dubai comes amid a legal battle with the SEC costing the company more than $200 million. Additionally, the regulations are yet to be clarified by US regulators, so it is only natural that companies will seek a better and more livable environment to develop as a business.
According to Navin Gupta, Managing Director of South Asia and MENA, the hyper-globally connected world has increased requirements for cross-border payments, with about $156 trillion worth of cross-border payments in 2022 alone. payment flow is occurring. With Dubai becoming a region that includes several important remittance markets and corridors, Middle East financial institutions are looking to make payments the fastest, cheapest and more convenient for those who need them most. I have a goal.
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![Sana Sharma](https://www.coinspeaker.com/wp-content/themes/cs/images/team/sanaa-sharma-profile-photo-01.jpg)
Sanaa majored in chemistry and is a blockchain enthusiast. As a science student, her research skills allow her to understand the complexities of financial markets. She believes that blockchain technology has the potential to revolutionize every industry around the world.