According to a November. 07 announcement, Ripple has established a local office in the Dubai International Financial Centre (DIFC).
The DIFC website mentioned that the particular financial zone serves more than 2,500 companies across the Middle East, Africa, and South Asia.
Ripple has chosen DIFC because of its expansive network and reputation as a global financial centre. Ripple and DIFC are also aligned in their vision to shape the future of finance.
“Ripple already has a significant client base in the MENA region and the opportunity to co-locate with our customers made DIFC a natural choice. 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.”, said Navin Gupta, a managing director at Ripple.
Cointelegraph reported Ripple has shortlisted Japan and Singapore as a potential location for its new offices.
In January, the Dubai Multi Commodities Centre (DMCC) announced that it is planning to start a new type of crypto valley.
According to Cointelegraph, Ripple’s move comes amidst increased volatility for the XRP token compared to that of Bitcoin and Ether in 2020.
Q3 2020 XRP Markets Report on Nov. 05 stated, XRP’s volatility over Q3 was higher than that of BTC and ETH, representing an increase in volatility from that in Q2 and Q1.