Ripple has set up a new regional headquarters in Dubai amid unfavorable regulatory framework in the US. Dubai International Financial Centre (DIFC) announced the relocation on the 7th of November. Apart from Ripple, over 2,400 companies manage their businesses within the financial hub.
Ripple’s global financial network RippleNet helps with swift transactions to its users. A Cryptodaily report added that several financial institutions across more than 45 nations use the RippleNet blockchain network to process customer’s payments.
According to DIFC Authority CEO, Arif Amiri:
“Ripple is one of the most exciting client additions to DIFC this year. They are well regarded globally for innovation in the finance industry and therefore is a perfect partner and client for DIFC, given our vision to drive the future of finance.”
The CEO added that DIFC would work together with Ripple to improve blockchain use in Dubai UAE and its environs. He also said that the duo would jointly accelerate Emirates Blockchain Strategy 2021.
Ripple’s managing director for South Africa and the Middle East and North Africa (MENA), Navin Gupta, noted that Ripple chose Dubai because it already has a “significant” client base in MENA.
In addition, the managing director said the new regional office will help Ripple strengthen its ties with more financial institutions in the region.