Ripple to open an office in Dubai by EoY 2018, signed 200 financial institutions, reveals executive

Dilip Rao, Ripple's Global Head of Infrastructure Innovation, recently appeared at a conference in Dubai to talk about Ripple's plans to enter the Middle East. He also spoke of the existence of XRP and other Ripple products within the regulatory environment of the area.

Rao revealed that Ripple was about to open an office in Dubai "before the end of the year" and provided an introduction to the Internet of Value. He also talked about Ripple's objectives in the Middle East, saying:

"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 is a huge requirement for cross-border transactions that will support the economy both at the time and at the time. in the region, but also in terms of activities that will lead to the rest of the world ".

He confirmed that Ripple has signed about 200 "worldwide" institutions with "many of them" from the Middle East. Calling it "the fastest growing market", Rao revealed that Ripple's customers included the largest Islamic bank in Saudi Arabia, known as Al-Rajhi, and Kuwait Finance House. Has elaborated:

"If today I wanted to send money from the United Arab Emirates, it could be an expensive and sluggish exercise in some parts of the world, South Asia, for example, has renounced the use of SWIFT and built its own proprietary technologies. to interface with these corridors in order to transfer money quickly and inexpensively to meet the needs of customers in these high-volume corridors ".

In addition, he revealed how this "hurts" the blue collars who are sending money to their families, since taxes can be "up to 5-10%". This led to talk about how solving this problem allows Ripple to "build the foundation for a digital economy". He went on to say:

"If you now think about the machines that talk to each other, maybe 50 billion transactions each year.We are talking about micropayments a tenth of a cent.The existing infrastructure is not able to cope with very low volume and volume transactions. We believe it is necessary to build a new set of infrastructures to support this type of digital economy ".

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Anirudh VK is a full-time journalist at AMBCrypto. He has a passion for writing and an interest in the future of blockchain and cryptocurrency technology. At the moment it does not have any cryptocurrency.