Ripple Grows Its Influence in Expanding Cryptocurrency Sector Across the Middle East
Toss the glove in the fast-paced crypto industry of the Middle East – Ripple's punch is winning the crowd! Having snagged the first licensed spot as a blockchain payments provider by the Dubai Financial Services Authority (DFSA) this year, Ripple is poised to make a big splash in the UAE.
In a recent blog post, Ripple voiced its ambition to deliver transparent cross-border payments to one of the world's largest trade and remittance markets. And with good reason! The Middle East has blossomed into the world's seventh-largest crypto economy. Ripple first appeared on the regional scene by opening its office in Dubai in 2020, which quickly grabbed 20% of Ripple's total customers.
Apparently, the Middle East is a goldmine for cryptocurrencies due to its stringent regulations, tech-savvy youth, and fervor from both startups and major institutions. Ripple gleefully revealed that this licensing milestone would make digital assets more legitimate in the Middle East. Beyond licensing, Ripple offers tools like stablecoins, custody services, and secure payments to support digital assets growth.
Reece Merrick, Ripple’s Managing Director for the Middle East and Africa, expressed his gratitude for steering this region and considered the Middle East and Africa to be one of the most promising regions for crypto development and adoption. An impressive 85% of finance and enterprise businesses stated they are more confident in digital assets than they were six months ago, and a whopping 97% believe that digital assets will be essential for their businesses in three years.
Aside from Ripple USD (RLUSD), a stablecoin designed for secure payments and DeFi projects, Ripple has also introduced digital asset custody solutions, with 40% of Middle East and African firms already using them and 56% planning to adopt them shortly.
Having built momentum in the Middle East, Ripple is now setting its sights on the UK. The British government is in the process of shaping new crypto rules, creating a ripe opportunity for Ripple to expand. Cassie Craddock, Ripple's UK and Europe Managing Director, stressed that the UK has the chance to lead – now's the time to move at pace. She applauded the UK’s flexible and globally competitive approach, making the UK a promising destination for Ripple's crypto journey.
While sorely lacking specific information, Ripple's global strategy revolves around regulatory clarity and partnerships, as demonstrated by its numerous licenses worldwide, including EU and Singapore approvals. If the UK gets the green light, Ripple would likely focus on FCA approval and enhancing cross-border payment solutions tailored for UK-EU financial corridors. Keep your eyes peeled for further developments!
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- The Dubai Financial Services Authority (DFSA) licensed Ripple as a blockchain payments provider, marking its first licensed spot in the Middle East in 2021.
- Ripple aims to deliver transparent cross-border payments to the world's largest trade and remittance markets, including the Middle East, which has become the world's seventh-largest crypto economy.
- Reece Merrick, Ripple’s Managing Director for the Middle East and Africa, believes the Middle East and Africa region is one of the most promising for crypto development and adoption.
- Ripple has introduced digital asset custody solutions, with 40% of Middle East and African firms already using them and 56% planning to adopt them shortly.
- Ripple is now setting its sights on the UK, aiming to expand as the British government shapes new crypto rules.
- If the UK gets the green light from the regulatory bodies, Ripple would likely focus on FCA approval and enhancing cross-border payment solutions tailored for UK-EU financial corridors.
