Dubai’s innovation-driven approach and friendly regulatory conditions made it favorable for Ripple to set-up up its new HQ in the financial hub. The new headquarters will let Ripple expand its operations in the Middle East and North Africa.
Last Saturday, November 7, the Dubai International Financial Center (DIFC) announced that blockchain startup Ripple has established a new regional headquarter in the country. Ripple said that the reason behind choosing DIFC is its “expansive network” and “innovative regulations”.
Founded in 2012, Ripple is one of the leading developers of blockchain and crypto payment solutions. Its RippleNet blockchain infrastructure facilitates simplified and instant payments across 55+ countries worldwide. Besides, a large number of global companies have joined the RippleNet platform over the last few years.
Ripple’s new DIFC headquarters will cater to the operations of the Middle East and North Africa. Navin Gupta, Managing Director for South Asia and MENA at Ripple, said:
“Ripple already has a significant client base in the MENA region and the opportunity to co-locate with our customers made DIFC a natural choice. Our regional office will serve as a springboard to introduce our blockchain based solutions and deepen our ties with even more Financial Institutions in the region. We feel very welcome in our new regional home at DIFC.”
This comes as a strong decision as Ripple has been mulling shifting its base out of the U.S. Recently, top Ripple executives have spoken about their intent to move out of the U.S. citing regulatory hurdles. The company has also been working out options to move to other crypto-friendly nations. Some of the possible options for shifting Ripple’s international headquarters are Japan, Singapore, Switzerland, and the UK.
Strategic Importance of Choosing Dubai for Ripple
Dubai has been one of the biggest financial centers in the Middle East and a country open to innovation. With over 2400 companies, the DIFC is a financial hub having its own “independent judicial system and regulatory framework”. Besides, Ripple also a good clientele-base in the UAE. Thus, choosing DIFC is a smart choice to expand its business in the region. Arif Amiri, Chief Executive Officer of DIFC Authority, said:
“Leveraging DIFC’s world class platform, laws and regulations, our FinTech firms are able to work with other DIFC’s clients, who form part of the region’s largest financial ecosystem, to contribute to the development of the global, regional and local finance industry. During this post-pandemic recovery period, we recognise how digital agendas are being prioritised. Ripple and the other 230+ FinTech related companies in the Centre are key to driving the future of finance.”
“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. Together, we will advance the use of blockchain in Dubai, UAE and the region, and accelerate the Emirates Blockchain Strategy 2021,” added he further.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.