Ripple’s got his eye on the Middle East. Ripple has decided to open an office in Dubai, which is a major expansion destination in this region.
Ripple, as you know, spends this year quite moving and is constantly taking action aimed at growth. San Francisco-based payment company is expanding aggressively. As for the last move, we see that he is staring at the Middle East in this period when we are approaching the end of the year.
Ripple decides to open an office in Dubai
Ripple’s Global Infrastructure Innovation president Dilip Rao said at the Global Islamic Economy Summit that Ripple is planning to enter the Middle East market seriously. To this end, the company has plans to open an office in Dubai, the most populous city in the United Arab Emirates (UAE). This will be the newest member of a series of international offices for Ripple, which has opened branches in London, India, San Francisco, New York, Luxembourg, Sydney and Singapore.
Why is Middle Eastern ripple important?
Rao announces the importance of the Middle East for Ripple, the company behind the XRP:
First, our focus is on cross-border payments. Because we think this area is the most problematic area. In this part of the world, there is a great need for cross-border operations. Our expansion in this region will support the economy both in the region and in the rest of the world.
Ripple is already on his way to the Middle East. In September, Saudi Arabia’s National Commercial Bank joined RippleNet. This was followed by Kuwait’s financial institution, which acknowledged that they were using Ripple blockchain for cross-border payment solutions.
We’ve seen Ripple work almost like bees this year. Rao says more than 200 financial institutions from around the world have joined Ripple’s network. The company also released its quarterly report, which shows that XRP sales doubled in the last quarter. Ripple has also started to solidify his team lately. Amir Sarangi, the leader of Google’s wireless messaging team, joined the company as vice president of manufacturing.
Ripple’S token XRP fell by about 1 percent against the dollar in the last 24 hours during the spelling process and is currently shifting hands from $ 0.4555. Currently, market capitalization is seen to be around $ 18.3 billion as low as only $ 2 billion from the Ethereum.