Ripple (XRP) will serve customers in the Middle East and North Africa from its regional office in Dubai. At the same time, the company is continuing its search for a new headquarters, as Ripple is threatened with further trouble in the USA due to XRP by the regulatory authorities.
Ripple is facing changes in the spatial organization of its offices. Initially, a regional office of Ripple will be opened in Dubai, as reported by the United Arab Emirates news agency. At the same time, Ripple is preparing to move its headquarters from the USA to another location. The background to this is the continuing uncertainty as to whether Ripple with XRP will be classified as a securities issuer in the USA, which could have far-reaching legal consequences.
Ripple (XRP) goes Dubai
In Dubai, Ripple will move into offices in the Dubai International Financial Centre, as the DFIC itself announced. Ripple is one of the most exciting new additions to the DFIC, says Arif Amiri, head of the DFIC. The complex there gathers several hundred companies from the Fin-Tech sector. Arif Amiri believes that Ripple will help the Emirates to realize their block chain strategy in 2021. Navin Gupta, who manages business in Asia, spoke for Ripple. Ripple already has a considerable customer base in the Middle East and North Africa (MENA) and will now be able to serve them from the new office. In addition, Dubai is to become a springboard for the expansion of activities in the region and closer cooperation with local financial institutions. The United Arab Emirates are generally considered to be crypto-friendly and are aggressively seeking to attract projects from the crypto industry to the Persian Gulf.
Is Ripple leaving the USA?
Ripple CEO Brad Garlinghouse recently said that it is likely that the company will move its current headquarters from Silicon Valley in the U.S. to a country where it is certain that XRP will not require securities approval. Garlinghouse cited the United Kingdom, Japan, Singapore, Switzerland and the United Arab Emirates as possible options. The United Kingdom already assured that XRP would be considered a crypto-currency and not a security. This is of great importance for Ripple, because the US Securities and Exchange Commission (SEC) has already classified several Altcoins as securities requiring approval and has imposed penalties for unauthorized sales. Ripple itself is confronted with several class action lawsuits in the USA on this issue.
Conclusion: Ripple acts, XRP stagnates
Ripple started in 20212 with the concept of revolutionizing international financial transactions with its block-chain-like technology and XRP as a bridge currency. What remains is RippleNet as a network, which is popular with customers from the financial sector. XRP on the other hand is kept in play with considerable financial incentives for the financial sector and especially the partner MoneyGram. Garlinghourse had also therefore already announced a new strategy for XRP and wants to introduce XRP as a means of payment to end customers.
Ripple was also annoyed by the fact that PayPal did not consider XRP in its new crypto program. XRP is still the fourth largest crypto currency by market capitalization and is well known in PayPal’s home market in the USA.
The course of XRP is stuck for meanwhile 18 months under 0.30 US Dollar and could not profit from rallies at Bitcoin (BTC) and other leading Altcoins such as Ethereum (ETH). Ripple in turn is flirting with an IPO and is looking for legal security in return. Whether the non-democratic Dubai is suitable as a location for this is questionable. But the launch of the regional office there is at least an indication that Ripple is capable of acting despite the uncertainties surrounding XRP.
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