Ripple targets middle east market, new office to open in Dubai before year ends

01 Nov, 2018
by Fifi Arisandi
News
Ripple targets middle east market, new office to open in Dubai before year ends

Ripple reveals their expansion plan targeting the middle east region with new office in Dubai to open before the year ends.

When many blockchain companies oppose against working with traditional financial institutions due to their centralized nature, Ripple continues their plan to “take over the world” by collaborating with the “avoided” institutions.

The company’s Global Head of Infrastructure Innovation, Dilip Rao, revealed their latest expansion update while speaking at the Dubai Conference, as reported by Bitcoin Exchange Guide.

He stated that Ripple will enter the middle east market, which he claimed as the “fastest growing marketplace”, with a new office in Dubai is set to start operating before the year ends.

Rao stated how Ripple has worked with 200 institutions from the middle east region so far and is seeking for more partners in the near future, as he said, “There is a huge requirement for cross-border transactions that will support the economy both within the region, but also in terms of business.”

On the “controversy” of working with traditional financial institutions that are “centralized” in nature he commented, “Ripple has been working with banks rather than against them […] to develop a solution that will be acceptable to meet the compliance requirements of regulators around the world.”

He also spoke about the reasons why the company decided to use InterLedger Protocol, instead of public ledgers, which is related to the high level of security and privacy required by the financial institutions they’re working with.

Lastly, he convinced the audience on how XRP could serve as a bridging asset to solve the lack of liquidity in many “corridors”.

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Read more about:Ripple (XRP)

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