The official media office of the Dubai government has recognized leading fintech firm Ripple as a leading provider of enterprise blockchain and cryptocurrency solutions. The recognition comes on the heels of Ripple’s recent expansion into the bustling city with a brand-new office.
Dubai’s forward-thinking stance on emerging technologies like blockchain and cryptocurrency has been reiterated by the government’s media office, which stated that these proactive policies have attracted industry pioneers such as Ripple, establishing the city as a global hub for technological innovation.
.@Ripple, the leader in enterprise blockchain and crypto solutions, is expanding its presence in #Dubai with a new office in Dubai International Financial Centre (@DIFC). Progressive regulations and a robust tech infrastructure have helped Dubai consolidate its status as a global… pic.twitter.com/817SjY299s
— Dubai Media Office (@DXBMediaOffice) May 11, 2023
Ripple announced its expansion into Dubai at the recent FinTech Summit, and has recently shared in a press release that it has opened a new office in the Dubai International Financial Center (DIFC), as part of its strategy to increase its foothold in the Middle East and North Africa (MENA) region.
As CryptoGlobe reported, Ripple CEO Brad Garlinghosue has recently anticipated a turning point in the company’s legal battle against the U.S. Securities and Exchange Commission (SEC).
Garlinghouse anticipates a resolution in the next two to six months. “The judge in the United States has been fully briefed. She has a decision on her plate. A federal judge can operate on whatever timeline she would like, but I’m optimistic we’re going to see a resolution, I believe, before the end of Q3,” he concluded.
Ripple’s expansion has been growing outside of the U.S., with the recent praise being received more than two years after Ripple decided to establish its regional headquarters for the MENA region in Dubai, citing the city’s favorable regulatory environment as a key factor.
Last month, the company released its quarterly XRP Markets Report, in which it detailed its total XRP sales in the first quarter of the year were $361.06M, compared to $226.31M in the previous quarter. Ripple continues to sell XRP only in connection with ODL transactions and has been sourcing XRP from the open market since 2020 to ensure there is sufficient supply for its growing ODL business.
The XRP Ledger, meanwhile, saw robust on-chain activity, with a 9% increase in transactions to 116M compared to the last quarter. NFTs were a major driver of activity, and more than 1 million assets have been created on the Ledger since the launch of XLS-20 on mainnet.
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