Ripple plans to spread its presence further in Dubai
Ripple, which is undoubtedly an absolute top-of-the-line enterprise blockchain, along with being a provider of crypto solutions, is going all out to increase its footprint in the city of Dubai. This is considering the sheer potential the city holds. As an official mark of endorsement, the company is officially setting up its operations at Dubai International Financial Centre (DIFC). The entity will also be instrumental in introducing the Swell Global 2023, which is the seventh edition in terms of its yearly customer conference in the city itself. This is slated for the 8th and 9th of November, 2023.
Ripple has a history of dealing with customers globally, and as a matter of fact, its business dealings amounting to more than 90% are beyond the U.S. The company’s inclination has been towards the Middle East, as well as North Africa (MENA) area. Nearly 20% of the customers attached to Ripple happen to be right here. These include customers like SABB, Qatar National Bank, as well as Lulu Financial Holdings, along with Al-Ansari Exchange, and RAK Bank. It was in the year 2022 when the company honed in on the DIFC being its head office for professional reasons.
According to the CEO of Ripple, Brad Garlinghouse, the reason for honing in on Dubai for its operations and also the introduction of Swell Global is simply because of the futuristic regulatory thinking. The regulators in Dubai have been responsible for setting up an infrastructure that is extremely conducive to the overall crypto industry. It also helps in the creation of jobs and furthering economic conditions. In his opinion, the city has made a mark for itself by becoming a powerful fintech hub that has an inclination towards crypto and blockchain technologies.
It was in the latter half of the year 2021 when Ripple delivered its On-Demand Liquidity (ODL) positioning in the Middle East in collaboration with Pyypl. This entity is a global blockchain-oriented financial services technology organization that is situated in the Middle East as well as Africa. ODL, on its part, makes use of digital asset XRP to carry out cost-effective cross-border payments. Financial institutions, as well as Small and Medium-sized Enterprises (SMEs), are able to gain from trapped and pre-funded capital in furthering their businesses with the utilization of ODL.
At the present moment in time, there is a growing requirement for cross-border payments. According to relevant data, there are about $156 trillion in cross-border payments carried out in the year 2022. The financial bodies in the Middle East are looking into creating quicker payments, as well as more cost-effective and convenient. Ripple finds itself having a major role to play in this situation as it is the company that began utilizing crypto to face up to massive amounts of challenges related to cross-border payments. Where the Managing Director, South Asia and MENA of Ripple, Navin Gupta, is concerned, they are extremely enthusiastic about setting up their base in the UAE.
At the upcoming Dubai Fintech Summit 2023, it will be the CEO of Ripple, Brad Galinghouse, who will play the role of the main speaker, along with a whole lot of thought leaders, as well as decision-makers and policy makers belonging to the fintech, as well as finance and crypto fraternity.