Ripple Solidifies Its Presence in MENA Region by Opening New Office in Dubai

In an attempt to expand its footprint in the Middle East region, Ripple, a leading cryptocurrency and blockchain company, decided to open a new office at the Dubai International Financial Centre (DIFC). 

In a press release, Ripple also said it would bring the seventh edition of its annual customer conference, named Swell Global 2023, to Dubai on November 8 and 9. 

It is worth mentioning that Ripple selected DIFC as the location of its MENA headquarters due to Dubai’s crypto-friendly regulations and reputation as a pioneering global financial center. 

In this regard, Ripple CEO Brad Garlinghouse attributed the selection of Dubai to its regulations that help the crypto industry to thrive, saying: “We chose Dubai as both a key office for Ripple and to bring Swell Global to the city, in large part due to its forward-thinking regulatory environment. Regulators here have risen to the challenge of establishing a framework that allows the local crypto industry to thrive, create jobs and increase economic growth, while also ensuring participants act in a responsible manner.” 

Garlinghouse noted that Dubai positioned itself as an “exciting” fintech hub following its steps to embrace blockchain and crypto technologies to bring innovation and foreign investment into the space. 

The Middle East and North Africa region represent a key market for Ripple as 20% of all RippleNet customers, including Qatar National Bank, SABB, Al-Ansari Exchange, Lulu Financial Holdings, and RAK Bank, are based here. 

Earlier in March, Garlinghouse said the crypto industry is beginning to move outside the United States to other countries, like Australia, the United Kingdom, Japan, Singapore, and Switzerland.

He lauded these countries’ regulation of crypto by taking the time and thoughtfulness to roll out clear regulations, pointing out that the US is not on the healthy way to do so.

It is worth mentioning that over 90% of the company’s business is done outside the US.