Ripple Labs has enjoyed a steadily growing number of customers for some time now. Currently, Ripple has offices in, among others, San Francisco, New York and Sydney. At the recent Global Islamic Economic Summit 2018 conference in the United Arab Emirates (UAE), Ripple Labs has announced plans to open a new office in Dubai.
Dilip Rao, Ripples global director of infrastructure innovation, explained why. Ripple plans to fully cover the markets of the Middle East and Asia by opening an operations center in Dubai. Regarding the time frame, Rao said that the new office should be open by the end of the year.
Further, Rao highlighted that the ripple solutions are cost effective, flexible and affordable. This makes Ripple the ideal choice for implementing the plans of the United Arab Emirates, which want to use the Blockchain for a whole range of applications. Rao said:
“The UAE government plans to base 50 percent of all government transactions on distributed ledger technology by 2021. I think this is a fantastic way to promote innovation and bring fintech to your market. Then the skills can be expanded locally to continue the solutions provided by Fintech. “
The Middle East is a new market for the company Ripple and, as such, particularly important. Many workers there are foreigners who send money to their families in other countries. There are always high transaction fees. Rao said Ripple could cut those costs:
“Our focus at the beginning is on cross-border payments, because this is the area with the most friction. In this part of the world, the importance of cross-border payments is particularly high. This will support the economy in the region, as well as in the rest of the world. “
Ripple has already gained about 200 financial institutions in different countries as clients. Many of these countries are in the Middle East. For example, Saudi Arabian bank Al-Rajhi and Kuwait Finance House are among Ripple Labs' clients.
The Middle East and especially the United Arab Emirates are open to blockchain technology. This is evidenced, for example, by the fact that the Government of the United Arab Emirates has developed its own introduction strategy. This strategy is called “Emirates Blockchain Strategy 2021”. This strategy aims to handle as much as 50 percent of all UAE government transactions through the Blockchain by 2021. In addition, the first Islamic crypto exchange is to be opened in 2019 under the name “FICE” (“First Islamic Crypto Exchange”).
Sources: YouTube, Government.ae, Adabsolutions, Pixabay
Author: Peter Joost – Source Post: https://www.kryptovergleich.org/ripple-labs-will-noch-in-this-year-your-location-in-dubai-opening/
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