Ripple Making Waves in Dubai: Gov’t Media Office Hails It as Enterprise Blockchain Leader

The official media office of the Dubai government has recognized leading fintech firm Ripple as a leading provider of blockchain and cryptocurrency solutions. The recognition comes on the heels of Ripple’s recent expansion into the bustling city with a brand new office.

Dubai’s forward-looking stance on emerging technologies such as blockchain and cryptocurrency has been echoed by the government’s media office, which stated that this proactive policy has attracted industry pioneers such as Ripple, and established the city as a global hub for technological innovation.

Ripple announced its expansion into Dubai at the recent FinTech Summit and has recently shared in a press release that it has opened a new office in the Dubai International Financial Center (DIFC), as part of its strategy to increase its foothold in the Middle East and North Africa (MENA) region.

As CryptoGlobe reported, Ripple CEO Brad Garlinghosue recently predicted a turning point in the company’s legal battle against the US Securities and Exchange Commission (SEC).

Garlinghouse expects a resolution in the next two to six months. “The judge in the United States has been fully briefed. She has a decision on her plate. A federal judge can operate on whatever timeline she wants, but I’m optimistic that we’re going to see a resolution, I think, before the end of Q3, he concluded.

Ripple’s expansion has grown outside the US, with the recent praise coming more than two years after Ripple decided to establish its regional headquarters for the MENA region in Dubai, citing the city’s favorable regulatory environment as a key factor.

Last month, the company released its quarterly XRP Markets report, detailing total XRP sales in the first quarter of the year were $361.06 million, compared to $226.31 million in the previous quarter. Ripple continues to sell XRP only in connection with ODL transactions and has sourced XRP from the open market since 2020 to ensure there is sufficient supply for the growing ODL business.

The XRP Ledger, meanwhile, saw robust activity on the chain, with a 9% increase in transactions to 116 million compared to the previous quarter. NFTs were a major driver of activity, and more than 1 million assets have been created on Ledger since the launch of XLS-20 on the mainnet.

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