Ripple expands its presence in the Middle East
Ripple has recently secured in-principle approval from the Dubai Financial Services Authority to enhance its cross-border payment solutions in the Middle East. This move allows Ripple to broaden its operations from the Dubai International Financial Centre and launch Ripple Payments Direct service in the United Arab Emirates, facilitating seamless cross-border payments.
Ripple’s strategic collaboration with regulators
Through its collaboration with regulators globally, Ripple is integrating blockchain technology into existing financial frameworks. With over 55 licenses worldwide, Ripple aims to extend its enterprise-grade digital asset infrastructure to a broader customer base in the UAE. Brad Garlinghouse, Ripple CEO, highlights the UAE’s forward-thinking regulatory approach and positioning as a global leader in financial technology.
Ripple’s impact on the UAE market
Reece Merrick, managing director for Ripple in the Middle East and Africa, notes that over 20% of Ripple’s global customer base is located in the UAE. Despite the approval from the DFSA and Ripple’s efforts to support the UAE’s ambition to become a global crypto and fintech hub, XRP’s price has dipped 3.3%, trading at $0.62 as of press time.
