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It is no secret that Ripple, the creator of XRP, has had an offensive charm in rallying as many RippleNet customers as possible. With this strong effort, the company has seen its customer base explode and grow in huge numbers. At present, the San Francisco-based blockchain company has over 200 clients behind it.
As many already know, Ripple is the innovative company behind XRP, the current third largest crypt in the world. For its part, XRP has seen its huge share of growth especially in terms of market capitalization. However, there has not been much activity in its price range in the last week, but it may soon change. As expected, Ripple's success in engaging multiple customers would work very well in favor of XRP.
Ripple and XRP to make a debut in Dubai
The last of these efforts is the entry of Ripple into the Asian market. The largest Islamic bank in Saudi Arabia, Al-Rajhi, joined RippleNet a few weeks ago. Another is Kuwait Finance House. However, it is the last announcement that could really trigger an obvious market event. While attending a conference in Dubai, U.A.E, Ripple's Dilip Rao had good news to share. Rao is head of Ripple's Global Infrastructure Innovation.
During his speech, Dilip announced Ripple's plans to fully enter the Asian market by setting up an operational base in Dubai. This should be done before the end of 2018. Going further, Rao explained the importance of Ripple technology and what it means for workers in the Middle East. Given that many workers in the region are foreigners who send money to their countries of origin, there was a serious problem as the transaction fees charged did not favor them. Furthermore, the time it takes to transact transactions is a real disappointment for many.
Dilip Rao explained that Ripple aims to eliminate these burdens by introducing a fast transaction processing system that charges negligible numbers on transaction fees. He also talked about Ripple's InterLedger protocol. If implemented, the ILP will allow various logs to connect and make the transfer of funds even easier and faster. Currently, the XRP network can handle around 1,500 transactions per second. This makes it the fastest crypto network in the world.
The Middle East loves Blockchain
The United Arab Emirates and the Middle East in general have been very open to blockchain technology. Just in April, the U.A.E government announced plans to use technology to manage government transactions and data. These will include citizen's legal documents and other financial data. Furthermore, the first Islamic cryptocurrency exchange (FICE) will be launched in 2019.
As with other cryptocurrencies, such developments are bound to affect XRP prices. The fact that banks on RippleNet use XRP as a fund transfer currency could cause the price of the crypt to soar. Things could improve further with the increase of banks joining the network and the adoption of XRP increases.
