Globally-recognized financial firm Ripple has announced to open regional quarters of the Middle East and North Africa (MENA) in Dubai.
According to the Emirate News Agency’s report, Ripple’s headquarters will be built in the Dubai International Financial Centre (DIFC) that has “independent judicial system and regulatory framework.” Dubai International Financial Centre (DIFC) is already having more than 2,400 FinTech companies. San-Francisco-based blockchain company prefers DIFC due to its “its innovative regulations, expansive network and reputation as a leading global financial centre.”
Arif Amiri, CEO of DIFC, believes Ripple is a prominent digital payments company which will assist other FinTech companies in the creation of digital financial system for the future. It is the most crucial addition of DIFC and Ripple will help in shaping and forming the digital economy of the future. UAE has already started a blockchain initiative known as “Emirates Blockchain Strategy 2021.”
Ripple has planned to open regional headquarters in the region because the company has a strong client base in the Middle East and North Africa and South Asia. According to the Managing Director of South Asia and MENA at Ripple, Navin Gupta:
“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.”
Transfer of Ripple’s Main Headquarters
The latest initiative of Ripple is considered as a part of shifting the blockchain-based financial firm out of the United States. Recently, Brad Garlinghouse, CEO of Ripple, revealed it could shift headquarters to other region that has clear regulatory rules and regulations for cryptocurrency and blockchain. But there were strong chances that the company would shift to Singapore or Japan.
DIFC is offering a very charming package for blockchain-based firms, such as Ripple with facilities such as no taxes on profit and on corporate income for 50 years. What’s more, DIFC is also working over launching crypto valley.
However, the top official team Ripple has not yet announced the transfer of the company out of the US.