Ripple, the San Francisco-based fintech firm is now set to open its regional office within Dubai International Financial Center (DIFC) district.
Ripple announced its interest in opening a regional HQ in Dubai. However, the fintech firm no longer wants to be situated in San Francisco. This is due to the regulatory framework in the US by the Securities and Exchange Commission (SEC).
The firm said that it is considering Japan as its next HQ. Other choices include Switzerland, Singapore, and the UK. Despite that, the firm chose Dubai on account of perfect location circumstances. And also due to its reputation as the leading financial center in the Middle East, Africa, and South Asia (MEASA) region.
Ripple Managing Director for South Asia and MENA Nain Gupta said,
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. We feel very welcome in our new regional home at DIFC.
Moreover, Ripple is the $10 billion fintech firm responsible for its cryptocurrency XRP. In addition, the firm’s blockchain-based payment network has leveraged in over 45 countries as of now. According to CoinGecko, the XRP price is at $0.24, at the time of writing.
Moreover, the news comes as Joe Bidden wins the US Presidential election over Donald Trump. Further, the regulation around the crypto space may change. In spite of the SEC’s strict regulations, Ripple did not stop its expansion towards its business and network.