During the Global Islamic Economic Summit 2018, Ripple announced that it would expand to Dubai. The company already has offices in San Francisco, New York, and Sydney. With the expansion to the Middle East Ripple is drilling a new market. It is expected that the office in Dubai will be opened at the end of 2018.
Ripple is the organization behind XRP, in terms of market value the third cryptocurrency in the world. The coin works differently than cryptocurrency as bitcoin and ether. Unlike these crypto coins, Ripple’s goal is to use distributed ledger technology for banks and financial institutions.
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Focus on international payments
During the conference, Dilip Rao told about Ripple’s expansion plans. Rao is head of Global Infrastructure Innovation at Ripple. According to him, Ripple can make an important contribution to the payment network of the Middle East:
‘Our focus is primarily on international payments. We think that there is still a lot of ground to be gained there. There is a lot of demand for cross-border transactions in this region. This will promote both the local economy and the economy of the rest of the world. ‘
Ripple to the Middle East
Before this news came out, there were already some indications that Ripple is aiming at the Middle East. For example, it was recently known that Al-Rajhi connects with RippleNet. Al-Rajhi is the largest Islamic bank in Saudi Arabia. Another big party that joins RippleNet is the Kuwait Finance House.
What does this do with the price?
Ripple has made the most of his positive momentum lately. For example, the course broke out in September after the launch of the xRapid platform. And today the XRP course also rises. Positive news like this can give the course a boost. But also in the technical field indicators point to the change of course.