According to the latest report by Emirate News Agency, prominent blockchain firm Ripple has announced to open regional headquarters in Dubai. The news signals towards the transferring of the Francisco-based Fintech firm out of the United States.
Per the news announcement, Ripple’s headquarters for Middle East and North Africa (MENA) will be developed in the Dubai International Financial Centre (DIFC).
2,400 FinTech Firms in DIFC
As per the information of Emirate News Agency, there are more than 2,400 tech and financial companies, which are successfully operating in the Dubai International Financial Centre. Moreover, DIFC is having its own “independent judicial system and regulatory framework.”
The major reason for Ripple’s joining of DIFC is for “its innovative regulations, expansive network and reputation as a leading global financial centre.”
Chief Executive Officer of DIFC, Arif Amiri, welcomes the entry of Ripple in the financial ecosystem as it will work with over 230 FinTech related firms for the future of finance. Due to the Coronavirus pandemic, it now becomes very important to digitize the current financial system. Amiri says that Ripple is the most important global financial client which has added to DIFC this year. What’s more, both will work together for the growth of the blockchain ecosystem in the UAE region and will advance the “Emirates Blockchain Strategy 2021.”
Navin Gupta, Ripple’s Managing Director for MENA and South Asia, claims the company has “significant client base in the MENA region” and the latest opening of regional headquarters will give a new and aggressive push for clients’ growth. According to Gupta, Ripple’s office in the Dubai International Financial Centre will open new opportunities to work with “more Financial Institutions in the region.”
Ripple’s Plan of Leaving US
According to some unconfirmed news, Ripple is making new arrangements in moving out of the US due to regulatory strict measures in the US. Recently, Brad Garlinghouse, CEO of Ripple, hinted at moving to United Arab Emirates, Switzerland, Japan, UK, and Singapore.
The weekly performance of the XRP coin is satisfactory as it has increased by 5.96% over the week. But the daily position is not well as it has lost 4.17% of its value over the day.