Ripple announced in a press release that the company plans to expand in Dubai. Ripple CEO Brad Garlinghouse sees Dubai as a strategic location and a hub for innovation in the Middle East. With that, Ripple aims to leverage this by establishing a regional office.
Garlinghosue specifically cited the country’s regulatory clarity and growing user base as the main reasons for the expansion, stating
“We chose Dubai as both a key office for Ripple, and to bring Swell Global to the city, in large part due to its forward-thinking regulatory environment. Regulators here have risen to the challenge of establishing a framework that allows the local crypto industry to thrive, create jobs and increase economic growth, while also ensuring participants act in a responsible manner.”
He also added that “Dubai is playing an important part in shaping the world’s future economy. By demonstrating truly visionary leadership, the Emirate has positioned itself as an exciting fintech hub that is embracing crypto and blockchain technologies to bring innovation and foreign investment into the space.“
Ripple vs SEC
Ripple has been in a legal battle with the US Securities and Exchange Commission (SEC) for the past two years. This is because it involves the security classification of digital assets, a crucial aspect of the industry’s regulatory landscape.
In a tweet by CNBC Middle East, Garlinghouse mentioned that the company spent $20 million fighting the SEC lawsuit. The lawsuit is expected to end soon; the outcome will have a significant impact on Ripple Labs; whether they win or lose, the token will follow suit.
