Ripple To Open Branch In Dubai-Ripple, the company behind XRP, the third largest cryptocurrency in the world, has announced that it is planning to set up a new office in Dubai by the end of this year.
Dilip Rao, Ripple’s global head of infrastructure innovation, revealed this information in his speech at the Global Islamic Economic Summit 2018 which was held in Dubai last week. He said at the summit:
“Ripple is seriously planning to enter the Middle East market, with a Dubai office opening by the end of this year”.
According to many reports, Rao was highlighting the importance of the Middle East as a new market for the company.
Dubai would join Ripple’s network of offices in San Francisco, New York, London, Sydney, India, Singapore, and Luxembourg.
Rao further added:
Ripple To Open Branch In Dubai-“Our focus initially is on cross-border payments because we think that’s where there is the most friction. In this part of the world, there is a huge requirement for cross-border transactions. This will support the economy both within the region and the rest of the world,”
He said that Ripple has officially joined hands with more than 200 institutions from various nations with a considerable number of them being from the Middle East. The list of clients reportedly includes the Al-Rajhi Bank of Saudi Arabia and Kuwait Finance House.