The Dubai government’s official media has praised the blockchain company Ripple as a leader. The recent spotlighting is coming shortly after the firm launches its new business office in the country.
Dubai Government’s Media Office Spotlights Ripple
The official media Twitter page of the Dubai government spotlighted the blockchain company behind the crypto asset XRP. The tweet recognized the firm as a prominent player and a master in enterprise blockchain and crypto solutions.
The government’s media office praised while responding to the expansion move into the country. It further highlighted the country’s proactive decisions concerning innovative technologies and advancement.
Related Reading: Michael Saylor Doubles Down On Bitcoin As ‘King’ Commodity, Warns ‘Money Is Dying’
These include Dubai’s recent embrace of crypto and blockchain solutions and friendly policies regarding this growing industry.
According to the media office, such level ground and favorable policies have been part of the selling point for the country. Also, they have attracted meaningful industry players, such as Ripple, to Dubai.
Ripple reiterated its plans for expansion into Dubai during the Dubai FinTech Summit. According to Ripple CEO Brad Garlinghouse, the move into Dubai is sustainable with a high growth potential. The CEO noted that 20% of Ripple’s customers are based in the Middle East and North Africa.
Also, Dubai has been developing clear regulatory regimes, creating a friendly environment for crypto innovations and infrastructure to succeed.
Through a recent press release, the blockchain firm disclosed the launch of its new business office in the Dubai International Financial Center (DIFC).
Ripple Quest On Global Business Expansion
The firm has been on the quest to expand its business globally. The move into Dubai is one of the company’s latest actions on its expansion plans. It fulfills Ripple’s dream of launching a MENA branch and the new office at DIFC is Ripple’s regional headquarter.
Related Reading: Coinbase Under Fire For Email Linking PEPE To Alt-Right Groups, Calling It ‘Hate Symbol’
Additionally, the blockchain firm targets moving into other regions like Europe. Last month, the company’s Chief Legal Officer Stuart Alderoty disclosed that the firm behind XRP is working on its expansion in London.
Meanwhile, the firm has been undergoing a legal battle with the US Securities and Exchange Commission (SEC) since December 2020.
The SEC sued the blockchain firm and some of its executives for selling XRP tokens through an unregistered securities offer. However, Ripple argues that XRP is not a security.
Ripple CEO Brad Garlinghouse maintained good faith that the company would win the lawsuit. But he mentioned that Ripple may consider relocating from the US if it loses the case.
On its part, XRP has shown a slightly positive price performance amid the prevailing bearish trend in the crypto market. At the time of writing, XRP is trading at around $0.4267, indicating an increase of 1.40% over the past 24 hours.
Featured image from Pixabay and chart from Tradingview.com