Ripple Delivers On Its UAE Expansion
The company behind the third biggest cryptocurrency in the world, Ripple has lately seen a big increase in the number of its customers. Last month, in October the firm began talks with SWIFT on the subject of the potential partnership, which make XRP a new highway for cross-banking settlements. The company also presented the world it’s the latest advertisement which demonstrates how long it takes in our high-tech century to transfer money anyway in the world and explains why Ripple is the best solution.
As previously reported by CryptoDaily, at the Global Islamic Economic Summit 2018, last week in the United Arab Emirates, Ripple revealed its plans to open up a new office in Dubai. In a speech given at the summit, the global head of infrastructure Dilip Rao announced the plans to fully enter the Asian market and the market of the Middle East by setting up a base of operations in the Capital.
Now, Rao believes this could happen by the end of the year. He pointed out that Ripple solutions are cost-saving, flexible and cheap, which enables Ripple to align with UAE plans to implement blockchain technology for a variety of applications saying:
“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.”
Moreover, Rao stressed the importance of Ripple’s technology for blue-collar workers:
“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.”
As mentioned by CoinSpeaker, it’s worth noting that Ripple has already signed up 200 institutions from different countries many of which are from the Middle East. this list of clients includes Al-Rajhi Bank from Saudi Arabia as well as Kuwait Finance House.
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