Why Ripple is bullish on Dubai and growing its presence

Ripple’s presence in Dubai is small — but growing.

The crypto payments firm has 900 employees worldwide, and only 21 staff members are based in the city, according to Reece Merrick, Ripple’s managing director in the Middle East and Africa.

While tiny, that’s a 50% increase from 2023.

And three weeks ago, the company, whose payments technology relies on the XRP blockchain, rented out more office space in Dubai to accommodate its growing staff, Merrick told DL News.

Moreover, on Wednesday, Ripple announced plans to partner with an accelerator in the Dubai International Financial Centre, an economic free zone in the city where companies can operate with less red tape.

The two will help onboard startups that want to build on the XRP blockchain and access Ripple’s grant programme.

Crypto hub

Ripple’s decision to build out its Dubai operations comes as the city looks to make itself an international crypto hub.

Dubai has a bespoke regulatory framework for digital assets companies.

In addition to the Dubai International Financial Centre, it has also carved out other sections of the city that are economic free zones where crypto firms can operate with less red tape.

The United Arab Emirates has about 1,800 ventures and 8,650 people working in the country’s blockchain sector, according to a 2023 Crypto Oasis Ecosystem report.

Merrick cited Dubai’s regulatory framework, which he said was clearer than regulation in the US, as one of the chief reasons for Ripple’s growing interest in the city.

About 20% of Ripple’s customers come from the Middle East, he said.

A spokesperson for Ripple declined to detail the specifics of its future plans for its expansion.

“We will continue to grow over the next 12 to 18 months,” concluded Merrick, referring to Ripple’s stake in the desert city.

Crypto market movers

• Bitcoin is flat over the past 24 hours at $56,759.
• Ethereum is down 4.5% to trade at $2,438.

What we are reading

• Arthur Hayes talks election and Bitcoin: ‘Trump or Harris, it doesn’t matter’ — DL News
• Ronin Network Exploited for 4,000 Ethereum and 2M USDC; Hackers Respond — Milk Road
• Crypto Industry Courts Kamala Harris — The Information
• Solana users are spamming transactions to earn Ore tokens — and they’re spending thousands of dollars in the process — DL News
• Binance Records $2.2 Billion in Daily Inflows Amid Token Price Rebound — Unchained

Ben Weiss is a Dubai Correspondent at DL News. Got a tip? Email him at bweiss@dlnews.com.