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The third largest digital asset on earth, Ripple, is set to open an office in the United Arab Emirates. Last week, Global Islamic Economic Summit 2018 was held in UAE, and Ripple announced plans to extend its headquarters to Dubai. XRP currently have offices in San Francisco, Yew York and Sydney. In a speech given at the conference, Dilip Rao, Ripples Global Head of Infrastructure Innovation, said they are planning to fully enter the Asian market and the Middle Eastern market by setting up shop in Dubai. According to Rao, the new program should be established by the end of this year.
Rao also called attention to Ripple’s solutions, which he explains as cost-saving, flexible and cheap. This enables Ripple to align with UAE’s plans to implement blockchain tech for a plethora of applications.
“I think the UAE government saying that 50% of all government transactions will be on distributed ledger technology by 2020 is a fantastic way to encourage innovation, to bring Fintechs to your market and then to then build the capability locally to iterate on those solutions that the Fintechs bring to you.”
Rao also shed light on the importance of Ripple’s tech for the blue-collar workforce:
“If you want to send this money, particularly you’re not clear about what the fees are going to be that the bank is going to charge on the other end. And therefore, what you’ll receive might be substantially less than what you sent out. And if you’re sending money for blue collar workers, this often can be a small amount of money, $200, and the fees for these kinds of small payments can be as high as 5 to 10%. So this is actually hurting the people who can afford it the least.”
The Middle East as a new market is very important for the company. Many workers there are foreigners who send money to their home countries and face high transaction fees. According to Dilip Rao, Ripple aims to eliminate these burdens by introducing a fast transaction processing system that charges negligible figures in transaction fees. He said:
“Our focus initially is on cross-border payments because we think that’s where there is the most friction. In this part of the world, there is a huge requirement for cross-border transactions. This will support the economy both within the region and the rest of the world.”
Despite the discounted rates we currently see XRP at, the team is definitely making strides for global adoptions and are solidifying a promising future, especially with the recent launch of xRapid.
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