Dubai has been making significant strides in blockchain and cryptocurrency, and Ripple has been at the forefront of this movement. Recently, Ripple was recognized by the official media office of the Dubai government as a leading provider of enterprise blockchain and cryptocurrency solutions. This recognition comes in light of Ripple’s new office expansion into the city.
Dubai’s forward-thinking stance on emerging technologies like blockchain and cryptocurrency has attracted industry pioneers such as Ripple, establishing the city as a global hub for technological innovation. Ripple announced its expansion into Dubai at the recent FinTech Summit and opened a new office in the Dubai International Financial Center (DIFC) to increase its foothold in the Middle East and North Africa (MENA) region.
Ripple’s CEO, Brad Garlinghosue, has recently anticipated a turning point in the company’s legal battle against the U.S. Securities and Exchange Commission (SEC). Garlinghouse is optimistic that a resolution will be reached in the next two to six months, adding that he believes it will happen before the end of Q3.
Ripple’s expansion has been growing outside of the U.S., with recent praise received over two years after Ripple established its regional headquarters for the MENA region in Dubai. The city’s favorable regulatory environment was a critical factor in Ripple’s decision to set up shop in Dubai.
Last month, Ripple released its quarterly XRP Markets Report, which detailed that its total XRP sales in the year’s first quarter were $361.06M, compared to $226.31M in the previous quarter. Ripple continues to sell XRP only in connection with ODL transactions and has been sourcing XRP from the open market since 2020 to ensure a sufficient supply for its growing ODL business.
The XRP Ledger saw robust on-chain activity, with a 9% increase in transactions to 116M compared to the last quarter. NFTs were a significant driver of activity, and more than 1 million assets have been created on the Ledger since the launch of XLS-20 on mainnet.
In conclusion, Ripple’s expansion into Dubai has been a significant step in establishing the city as a global hub for technological innovation. With Dubai’s favorable regulatory environment and Ripple’s innovative blockchain and cryptocurrency solutions, the industry’s future looks bright in the MENA region.