Blockchain payments firm Ripple has set up a regional base in Dubai.
- As reported by the Emirate News Agency on Saturday, the company's new Middle East and North Africa (MENA) headquarters will be within the Dubai International Financial Centre (DIFC), which announced the news.
- The DIFC is a financial hub with over 2,400 companies and its own "independent judicial system and regulatory framework," according to its website.
- "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," said Navin Gupta, managing director for South Asia and MENA at Ripple.
- "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," he added.
- Dubai is the largest city in the United Arab Emirates (UAE) and one of the seven emirates that form its Federal Supreme Council.
- The announcement comes as Ripple is considering a move away from its home base in San Francisco in the U.S.
- The company's CEO, Brad Garlinghouse, recently said an unfavorable regulatory regime for the XRP cryptocurrency in the states means nations such as the UK, Switzerland, Singapore, Japan and the United Arab Emirates were all being eyed as potential alternative bases.
- As yet, however, there is no indication from Ripple that such a move is going ahead.
- Ripple is closely tied to XRP, helping with its development and using the cryptocurrency in some of its products including cross-border payments and, more recently, loans.
Read more: Ripple Keeps Pumping Funds Into MoneyGram
CORRECTION (Nov. 8, 12:09 UTC): Corrects name of Ripple CEO to Brad Garlinghouse.