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Ripple, a company behind XRP, currently the third largest crypt in the world, has recently seen a sufficient increase in the number of its customers. In October, the company initiated talks with SWIFT on potential partnership, which would make XPR a new path for cross-border settlements. The company has also unveiled its new ad to the world, which demonstrates how long it takes in our high-tech century to transfer money around the world and explains why Ripple is the best solution.
Last week, the 2018 global Islamic Economic Summit was held in the United Arab Emirates, and Ripple, which has offices in San Francisco, New York and Sydney, announced plans to open a new office in Dubai. In a speech given at the conference, Ripple's Global Head of Infrastructures Innovation, Dilip Rao, announced Ripple's plans to fully enter the Asian market and market in the Middle East, creating an operational base in Dubai. According to Rao, the new office will be established by the end of this year.
Rao stressed that Ripple solutions are cheap, flexible and economical, which allows Ripple to align with UAE plans to implement blockchain technology for a variety of applications:
"I think the UAE government that states that 50% of all government transactions will be on accounting book technology distributed by 2020 is a fantastic way to encourage innovation, to bring Fintech to the market and then to locally build the skills to iterate over those solutions that the Fintechs bring to you. "
Furthermore, Dilip Rao the importance of Ripple technology for workers:
"If you want to send this money, in particular you are not clear on what the commissions the bank will charge from the other side, and therefore, what you receive may be substantially lower than what you sent. workers, this can often be a small amount of money, $ 200, and commissions for these small payments can go up to 5-10% .This in reality hurts people who can afford it less. "
The Middle East as a new market is very important for the company. Many workers are foreigners who send money to their countries of origin and face high transaction fees. According to Dilip Rao, Ripple intends to eliminate these burdens by introducing a fast transaction processing system that charges negligible numbers on transaction fees. He said:
"Initially we focus on cross-border payments because we think it's the point where there's more friction." In this part of the world, there's a huge requirement for cross-border transactions, which will support the economy both. within the region than in the rest of the world ".
It is known that Ripple has already signed about 200 institutions from different countries, many of which come from the Middle East. The list of clients includes Al-Rajhi bank of Saudi Arabia and Kuwait Finance House.
UAE crypto-friendly in action
The Middle East, in particular with the United Arab Emirates, is adopting the digital ledger technologies. In April, the United Arab Emirates announced plans to implement blockchain technology for managing government transactions and data, including citizens' legal documents and other financial information. The United Arab Emirates government has also developed a strategy called "Emirates Blockchain Strategy 2021", which aims to capitalize at least 50% of government transactions on a blockchain ledger.
In addition, the country has revealed its plans to set up the First Exchange Islamic Cryptocurrency (FICE), which is expected to be launched in 2019.
