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.
“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.”
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“By using Coinify, we are not running into the knife. It is still not clear to me how blockchain is any better than other database technologies. The transactions are so far more expensive and slower than a normal payment method. Decentralization brings only cumbersome improvements. None of the blockchains scale enough. But maybe I have not invested enough time and therefore understand too little how the blockchain ecosystem works.”Herren said that the decision comes after the prolonged bearish correction on the market where most of the crypto assets lost nearly a third of their value. Despite the fact that investors didn’t really get scared of the decline in prices, institutional adoption is still uncertain regarding making more profits. For example, back in 2018 in June, the Expedia hotel booking platform deleted Bitcoin out of their options and in the same year couple of months back, Reddit also stopped accepting cryptocurrency for its gold membership plans. Years back, Bitcoin became popular because of its attractiveness as a cheaper alternative for expensive payment processors. But as the technology got more popular, the network was unable to handle a higher number of transactions such as Visa or MasterCard and that’s why retailers didn’t choose crypto for making transactions. The Swiss retail giant brings bitcoin back into the retail game. However, traders who are into crypto or those who just hold on to it for better days can now use their coins to purchase something from the retail platform.
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