The Dubai government’s official media office has recognized leading fintech company Ripple as a leading provider of enterprise blockchain and cryptocurrency solutions. The recognition comes hot on the heels of Ripple’s recent expansion into the bustling city with a brand new office.
The government media office reiterated Dubai’s forward-looking stance on emerging technologies such as blockchain and cryptocurrency, saying these proactive policies have attracted industry pioneers such as Ripple, making the city a global hub for technological innovation.
Ripple, which announced its move into Dubai at the recent FinTech Summit, recently shared in a press release that it has opened a new office in the Dubai International Financial Centre (DIFC) as part of its strategy to increase its foothold in the Middle East and North Africa (MENA) region. As CryptoGlobe reported, Ripple CEO Brad Garlinghosue recently anticipated a turning point in the company’s legal battle with the United States Securities and Exchange Commission (SEC).
Garlinghouse expects a resolution within the next two to six months. "The U.S. judge is fully briefed on the situation. She has her own decision. The federal judge can operate on whatever timeline she wants, but I believe we will see a resolution by the end of the third quarter," he concluded.
Ripple’s expansion outside the United States has been growing, and more than two years after Ripple decided to establish a regional headquarters for the Middle East and North Africa region in Dubai, it recently received praise, citing Dubai’s favorable regulatory environment as a key factor.
Last month, the company released its quarterly XRP market report, which detailed total XRP sales of $361.06 million in the first quarter of this year, compared to $226.31 million in the previous quarter. Ripple continues to sell XRP only in connection with ODL transactions and has been sourcing XRP from the open market since 2020 to ensure ample supply for its growing ODL business.
Meanwhile, on-chain activity on the XRP Ledger has been strong, with transactions increasing by 9% to 116 million compared to the previous quarter. NFTs have been the main driver of activity, with over 1 million assets created on the Ledger since the launch of XLS-20 on mainnet.
