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According to a November 7 announcement, Ripple has established a regional office in the Dubai International Financial Center, or DIFC.
The blockchain-based payment company has reportedly chosen the venue for its “innovative regulations”. The DIFC website states that the Special Economic Zone serves more than 2,500 companies in the Middle East, Africa and South Asia as an “independent regulator” with a “proven justice system”.
“Ripple already has a significant customer base in the MENA area [Middle East and North Africa] region and the opportunity to co-locate with our clients made DIFC a natural choice, “said Navin Gupta, Ripple’s chief executive.” Our regional office will serve as a stepping stone to introduce our blockchain-based solutions and deepen our links with even more financial institutions in the region. “
CEO Brad Garlinghouse and co-founder Chris Larsen talked about relocating the company’s San Francisco headquarters to a country with greater regulatory clarity than the United States. Cointelegraph reported that Ripple has selected Japan and Singapore as a potential location for its new offices.
Based in the UAE, the DIFC purportedly offers blockchain companies like Ripple no corporate income and profit tax for at least 50 years. In addition to the financial center, the Dubai Multi Commodities Center, the largest free zone in the UAE, announced in January that it plans to launch a new type of crypto valley.
Ripple’s move comes amid higher volatility for the XRP token than that of Bitcoin (BTC) and Ether (ETH) in 2020. According to the Q3 2020 XRP Markets Report released on November 5, the volatility of XRP in Q3 is was higher than that of BTC and ETH, which represents an increase in volatility compared to that of Q2 and Q1.
XRP is currently trading at $ 0.25, up 2.09% over the past 24 hours.
