The first day of the 2023 Dubai Fintech Summit kicked off on May 8th and featured Ripple CEO Brad Garlinghouse as a keynote speaker. Garlinghouse made a major announcement during his presentation that caught everyone’s attention.
The CEO, who was present at the Dubai summit to share insights on crypto utilities and stance on regulators, had also taken the opportunity and platform to announce the company’s expansion plans.
Ripple has been in a heated legal battle with the US Securities and Exchange Commission (SEC), having been accused of selling the XRP cryptocurrency in an unregistered security offering. While there have been numerous speculations on the ruling outcome between both parties lately, Brad Garlinghouse has made an expansion announcement which could be a positive development for the company.
Ripple CEO Affirms Company Expansion In Dubai
A few hours ago, Brad Garlinghouse took to his official Twitter handle to reiterate his announcement regarding the Ripple – Dubai expansion while speaking at the Fintech Summit. The official tweet shows that the CEO clearly stated that the company “is expanding in Dubai.”
As I just shared on stage at #DubaiFintechSummit, @Ripple is expanding in Dubai. With 20% of our customers based in MENA and clear regulatory regimes being developed, it’s no surprise that Dubai is emerging as a key global financial hub for crypto innovation to thrive. pic.twitter.com/9lWEtYECq7
— Brad Garlinghouse (@bgarlinghouse) May 8, 2023
Garlinghouse had hinted partly at the reasons for expansion to the Middle East as Dubai offers a clearer regulatory regime. He added that with “20% of our customers based in MENA, it is no surprise that Dubai is emerging as a key global financial hub for crypto innovation to thrive”.
The 20% in MENA that Garlinghouse touched on refers to Ripple users and customers in countries in and around the Middle East and North Africa.
Ripple is expanding its operations by opening a new Dubai International Financial Centre (DFIC) office. Additionally, preparations are underway to host the seventh annual customer conference in the capital of the United Arab Emirates (UAE) on November 8th and 9th this year.
Dubai- A Growing Tech Hub For Innovative Crypto Companies
With clear-cut and defined crypto regulations and guidelines, Dubai is on its way to becoming a global hub for tech and crypto companies worldwide. While the news of crackdowns and crypto companies asking for regulation clarity has been a significant headliner, especially from countries such as the US, Dubai has taken the opposite step by creating reasonable guidelines and set rules for crypto operations.
The Dubai government has effectively established the Dubai Virtual Assets Regulatory Authority (VARA), providing regulatory clarity for crypto companies to operate and oversee digital asset trading activities.
VARA, based in Dubai, prioritizes the safety of users who utilize digital asset services provided by cryptocurrency companies. They collaborate with financial regulatory authorities and global experts to effectively mitigate exposure risks and enforce relevant laws.
Per Bloomberg, crypto companies such as CoinBase are also warming up to the idea of an expansion to Dubai and the UAE, as hinted by the CEO of Coinbase, Brian Armstrong, who was present at the panel of the Fintech summit.
At press time, XRP trades at $0.4298 and has experienced a 5.6% decline in today’s trading session.