Ripple Expands Presence in Middle East
• Ripple has opened a new office in Dubai’s DIFC and will host its annual customer conference, Swell Global 2023, in Dubai on November 8-9.
• The company has launched its first-ever On-Demand Liquidity deployment in the Middle East with Pyypl and facilitated billions of dollars in cross-border payments.
• Despite Ripple’s success, the company faces regulatory challenges and competition from other enterprise blockchain and crypto solutions providers.
New Office and Swell Global 2023
Ripple has recently expanded its presence in Dubai by opening a new office located at the heart of the Dubai International Financial Centre (DIFC). Additionally, the company is bringing Swell Global 2023 to Dubai on November 8-9 as part of its plan to further strengthen ties with customers based in MENA region. Nearly 20% of RippleNet customers are based there, as well as over half of the company’s MENA payment volume for remittances from Saudi Arabia, Bahrain, and UAE to India.
In 2020, Ripple established its MENA headquarters at DIFC which provides innovation-forward regulations and a vast network that supports companies within the local crypto industry while ensuring responsible behavior. The same year marked Ripple’s launch of its first On-Demand Liquidity deployment with Pyypl which utilizes XRP to support instant and low cost cross border payments for financial institutions and SMEs. This allows businesses to access pre funded capital so they can grow their operations more rapidly.
Although Ripple has been successful since it began expanding into Middle Eastern markets, it still faces regulatory challenges particularly those originating from US government entities. In addition to this issue they also face competition from IBM , JPMorgan ,and ConsenSys who provide similar services as well as enterprise blockchain solutions .
Ripple continues to expand into Middle Eastern markets by introducing new offices in Dubai as well as launching their On Demand Liquidity feature through Pyypl . This allows them to facilitate billions of dollars worth of cross border payments however they do still face certain challenges such as regulatory hurdles originating from US government entities which could potentially limit their growth .