Ripple CEO Brad Garlinghouse Reveals Ripple’s Expansion To Dubai• May 8, 2023 1:38 pm • Comments
Ripple CEO Brad Garlinghouse just revealed the company’s plans to expand to Dubai which is known as one of the key global financial hubs for crypto.
The company has already established a global presence as part of its strategy to diversify its operations and not be too dependent on any specific region.
The addition to add Dubai as part of its global expansion is expected to be a great addition and will likely go smoothly.
This is because the region is already known for providing regulatory clarity for crypto and how it should be used.
The popularity of digital assets within the region is also very high which means that it will represent a huge potential customer base for Ripple.
As I just shared on stage at #DubaiFintechSummit, @Ripple is expanding in Dubai. With 20% of our customers based in MENA and clear regulatory regimes being developed, it’s no surprise that Dubai is emerging as a key global financial hub for crypto innovation to thrive. pic.twitter.com/9lWEtYECq7
— Brad Garlinghouse (@bgarlinghouse) May 8, 2023
Alternately, as that continues to unfold, Ripple has announced it will expand to Dubai. Specifically, Ripple CEO Brad Galinghouse has stated that the crypto solutions provider is set to expand into the country due to its efforts for regulatory clarity and already growing user base.
Galrinhosue tweeted, “Ripple is expanding in Dubai. With 20% of our customers based in MENA and clear regulatory regimes being developed, it’s no surprise that Dubai is emerging as a key global financial hub for crypto innovation to thrive.”
The news arrives as Ripple has reported spending more than $200 million in the aforementioned legal battle with the SEC.
Conversely, regulation is clearly becoming a necessity in the industry. Thus, it makes sense for companies to seek innovation havens for the industry’s development.
As Ripple continues to expand its operations overseas, it is clear that the outcome of the Ripple vs SEC lawsuit will not affect the success of the company.
Garlinghouse has already mentioned this point multiple times in the past which reassured many XRP investors.
With that being said, the outcome of the lawsuit will most likely determine how crypto tokens are classified by the SEC going forward so it will have great significance for the entire crypto industry.
With Dubai now on the list of regions that Ripple operates in, this creates more remittance opportunities that can be powered by its On-Demand Liquidity solution (ODL).
As a result, a larger user base of the solution will once again provide more value to its native token XRP.
— JackTheRippler ©️ (@RippleXrpie) May 8, 2023
As part of the expansion, the crypto solutions provider will open a new office in the Dubai International Financial Centre (DIFC) and intends to host its seventh annual customer conference in the United Arab Emirates (UAE) capital on November 8-9.
Also on Monday, Coinbase CEO praised UAE’s recent crypto regulation efforts, saying the country could serve as a hub for the Middle Eastern region, as well as for certain parts of Africa and Asia.
The move comes just a few months after Dubai’s Virtual Assets Regulatory Authority (VARA) published its 2023 rulebook for regulating the nascent crypto industry. According to VARA, companies that issue digital assets must adhere to the rulebook, beginning with obtaining a mandatory license.
The rulebook covers numerous other crypto-related activities, including custodial services, advertising, digital asset exchanges, and more.
— ⭕ RIZ.GaryGenslerResign ☀️ (@RizXRP) May 8, 2023
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