Ripple Expands in Middle East with On-Demand Liquidity and Swell Global

Ripple expands presence in Dubai with new office location and Swell Global conference on November 8-9.

Brad Garlinghouse holding a big Ripple coin, facing left in the clouds.
Created by Kornelija Poderskytė from DailyCoin
  • Ripple has expanded its presence in Dubai.
  • Swell Global 2023 is set to be held in Dubai in November.
  • Ripple has recently launched its first-ever On-Demand Liquidity deployment in the Middle East.

Ripple, a leading provider of enterprise blockchain and crypto solutions, is expanding its footprint in Dubai on the back of strong growth in the Middle East. The company is opening a new office in the heart of the Dubai International Financial Centre (DIFC) and bringing Swell Global 2023, its annual customer conference, to Dubai on November 8-9.

With over 90% of its business outside the US, Ripple has been serving customers globally, and the Middle East and North Africa (MENA) region is an important market for the company. 

Approximately 20% of all RippleNet customers, such as Qatar National Bank, SABB, Al-Ansari Exchange, Lulu Financial Holdings, and RAK Bank, are based in MENA. Over half of Ripple’s MENA payment volume comes from cross-border payments, including remittances from Saudi Arabia, Bahrain, and the UAE to India.

Ripple Unleashes On-Demand Liquidity in the Middle East

In 2020, Ripple established its MENA headquarters in the DIFC, as the location provides the company with innovation-forward regulations, a vast network, and a reputation as a leading global financial center. 

Sponsored

Ripple’s CEO, Brad Garlinghouse, praised Dubai’s forward-thinking regulatory environment, which allows the local crypto industry to thrive while ensuring responsible behavior.

Ripple also announced the launch of its first-ever On-Demand Liquidity (ODL) deployment in the Middle East with Pyypl, an international blockchain-based financial services technology company in the Middle East and Africa. 

Sponsored

ODL utilizes the digital asset XRP to support instant and low-cost cross-border payments. Financial institutions and SMEs can leverage previously trapped, pre-funded capital to grow and scale their businesses with ODL.

On the Flipside

  • Despite Ripple’s expansion and success in the Middle East, the company has faced regulatory challenges in other parts of the world, particularly in the US.
  • Ripple’s On-Demand Liquidity deployment in the Middle East has facilitated billions of dollars in cross-border payments.
  • Ripple faces competition from other enterprise blockchain and crypto solutions providers, including IBM, JPMorgan, and ConsenSys. These companies are also vying for a share of the lucrative cross-border payments market and are investing in their own blockchain solutions to meet the needs of global customers.

Why You Should Care

With the ongoing regulatory lawsuit in the United States, Ripple’s expansion into new markets, such as the Middle East, highlights the importance of global regulatory clarity and the potential for other companies to follow suit.

To learn more about Ripple CEO’s comments on the $200M spent in its legal battle against the SEC, check out this article:

Ripple CEO: $200M Spent in Legal Battle Against the SEC

To read about El Salvador’s recent move to join Dubai in tech tax elimination, as approved by CT, check out this article:

El Salvador Joins Dubai in Tech Tax Elimination, Crypto Twitter Approves

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Kyle Calvert

Kyle Calvert is a cryptocurrency news reporter for DailyCoin, specializing in Ripple, stablecoins, as well as price and market analysis news. Before his current role, Kyle worked as a student researcher in the cryptocurrency industry, gaining an understanding of how digital currencies work, their potential uses, and their impact on the economy and society. He completed his Masters and Honors degrees in Blockchain Technology within Esports and Business and Event management within Esports at Staffordshire University.