- Middle Eastern consumers and regulations were two of the main considerations.
- The announcement comes as Ripple says it has spent over $200 million fighting the SEC.
According to CEO Brad Garlinghouse, Ripple will specifically expand to the city of Dubai. This news was also shared by Garlinghouse during today’s Dubai Fintech Summit as the major crypto solution provider has revealed plans for growth.
Middle Eastern consumers and regulations were two of the main considerations cited by Garlinghosue. As a conclusion, he said, “Dubai is emerging as a key global financial hub for crypto innovation to thrive.” Ripple has been embroiled in a legal battle with the US Securities and Exchange Commission (SEC) for the last two years.
Clear Regulatory Regimes
In addition, the legal battles over whether or not digital assets qualify as securities have received extensive press coverage. Therefore, playing a pivotal role in the industry’s regulatory status.
To be more specific, Ripple CEO Brad Garlinghouse has claimed that the crypto solutions provider is likely to expand into the nation as a result of its work for regulatory clarity and an already increasing user base.
Garlinghouse stated via tweet:
“Ripple is expanding in Dubai. With 20% of our customers based in MENA and clear regulatory regimes being developed, it’s no surprise that Dubai is emerging as a key global financial hub for crypto innovation to thrive.”
The announcement comes as Ripple says it has spent over $200 million fighting the SEC. The need for regulation, on the other hand, is becoming more and more apparent. Because of this, it’s rational for businesses to look for safe havens where new ideas may flourish.