Ripple Announcement: New Offices Will Be Set Up In Dubai At The End Of 2018

Ripple has just announced that they are planning on opening new offices in the United Arab Emirates more specifically in Dubai right before 2018 ends. This is a great way to start today’s crypto news.

Ripple’s global infrastructure innovation head Dilip Rao spoke openly at the Global Islamic Economic Summit that took place in Dubai where he indicated that the company’s main interest will be the cross-border payments. Rao pointed out that Ripple is extremely popular in the Middle East since they already partnered with multiple financial institutions in the region.

He explained:

“We now have three banks in Saudi Arabia, two in Kuwait,  one in Bahrain, one in Oman, a couple in the UAE [United Arab Emirates]… and it really is out fastest growing marketplace.’’

The Middle Eastern countries are great for the crypto industry since many foreigners come and create the massive worker population, making the region an extremely lucrative market for payment companies.

For example, one of the banks in Saudi Arabia, more precisely the National Commercial Bank has already partnered with Ripple and this will allow the bank to enter the blockchain network fintech firm RippleNet so it will be connected to other financial institutions in North America and Asia.

Ripple is very popular in the United Arab Emirates because it complies with the Sharia Law as the head of infrastructure innovation said:

 “Being able to know what are the underlying assets to a transaction…being able to identify the participants to a transaction…being able to be clear about the contractual roles and responsibilities and being able to reduce risks are all aligned with Sharia Principles.”