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, Rippleās 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 āindependent judicial system and regulatory framework.ā
The major reason for Rippleās joining of DIFC is for āits innovative regulations, expansive network and reputation as a leading global financial centre.ā
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. Whatās more, both will work together for the growth of the blockchain ecosystem in the UAE region and will advance the āEmirates Blockchain Strategy 2021.”
Navin Gupta, Rippleās Managing Director for MENA and South Asia, claims the company has āsignificant client base in the MENA regionā and the latest opening of regional headquarters will give a new and aggressive push for clientsā growth. According to Gupta, Rippleās office in the Dubai International Financial Centre will open new opportunities to work with āmore Financial Institutions in the region.ā
Rippleās 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.