Ripple to Open Dubai Office
Ripple's senior executive has stated that the firm has intentions to establish a Dubai branch, saying that this region is a crucial market to the firm. Therefore, Ripple, the firm that created XRP, the 3rd biggest digital currency worldwide, is heading for the UAE.
Expanding to New Territories
The manager of Ripple’s innovation infrastructure, Dilip Rao, has said before that the company was interested in expanding to this side of the world with a Dubai bureau can be expected to open as 2018 comes to an end.
Dubai would be the most recent location for the major firm along with existing offices in NY, Sydney, Singapore, San Francisco, India, London, and Luxembourg. Rao had expressed during a conference the significance of this region as a potential market for the firm.
He said that the company’s main focus had been international payments as that’s where most of the friction will be. In the Middle East, he continued, there exists a major need for cross-border Txs. So, a step like that into this market will benefit the economy as a whole in the region and beyond it.
He further stated that the company had already signed agreements with about two hundred organizations from various destinations with a lot of them based in the Middle East. The clients include Al Rajhi Bank in Saudi Arabia and also Kuwait Finance House.