Ripple, the blockchain-based digital payments company, has announced a regional office in the Dubai International Financial Center in the United Arab Emirates.
According to the company's statement the day before yesterday, Saturday, Ripple chose this site because of its innovative regulations.
and the Dubai International Financial Center website stated that the Special Economic Zone serves more than 2,500 companies across the Middle East, Africa and South Asia as an independent regulator with a proven judicial system. .
Ripple's managing director, Navin Gupta, said that Ripple already has a large client base in the MENA region, and the opportunity to partner with our clients has made Dubai Center Global Finance is an ideal choice ... Our regional office will serve as a starting point to introduce our blockchain-based solutions and deepen our relationships with more financial institutions in the region.
CEO Brad Garlinghouse and co-founder Chris Larsen have talked about moving the company's headquarters in San Francisco to a country with greater organizational clarity than the United States. Queen Telegraph reports that Ripple has selected Japan and Singapore as a possible location for its new offices.
It is alleged that the Dubai International Financial Center in the United Arab Emirates has provided blockchain companies such as Ripple any taxes on corporate income and profits for at least 50 years.
In addition to the financial center, the Dubai Multi Commodities Center - the largest free zone in the United Arab Emirates - announced in January that it was planning to launch a new type of digital currency valley. / p>
Ripple's movement comes amid increased volatility in the Ripple token compared to Bitcoin (BTC) and Ethereum (ETH) in 2020.
According to the Ripple Markets Report for the third quarter of 2020 released on November 5, Ripple's volatility during the third quarter was higher than that of Bitcoin and Ethereum, representing an increase in volatility over So in the second and first quarters.
