Ripple sets up a new regional office in Dubai and plans to move its headquarters there as well in the near future so let’s read more in the latest Ripple XRP news.
Ripple still continues to consider alternative locations for the global HQ office after regulatory troubles in the US over the XRP cryptocurrency still linger. In the meantime, the company announced a regional HQ office in Dubai in the International Financial Center where Ripple will base its MENA office and will host other fintech companies.
In late October, Ripple, the San Francisco-based fintech company announced that it no longer wants to be based in San Francisco because of the regulatory issues in the United States. The company decided to push its $10 billion company away from there. Ripple has yet to decide where to base its new headquarters but the company announced that they are moving their regional office to Dubai. Ripple will set up a shop in the International Financial Center which is a towering block that Ripple has to share with more than 100 cafes, several art galleries, and three hotels.
Ripple will cohabit the block with others in the DIFC FinTEch Hive which is a co-working space where fintech companies can bounce ideas off of each other.” Navin Gupta who is the Managing Director for South Asia and MENA at Ripple who said that the company’s large client base in the Middle East and North Africa drew it to the city as Gupta said:
“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.”
Dubai is a regional office but Ripple wants to shift its mother base out of Silicon Valley due to the US Securities and Exchange Commission’s regulation around the cryptocurrency. If XRP is a security, as per the lawsuits, Ripple can’t distribute. Ripple’s CEO Brad Garlinghouse said that these regulatory concerns could explain why PayPal didn’t list it among crypto assets that could offer to customers. Ripple will relocate its headquarters in a country in which the security regulator didn’t consider XRP as security as Garlinghouse said in an interview. This is not a new idea as Binance and OKEx chose Malta after leaving China.
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