Ripple partnered with the UAE to expand its crypto payment services following Binance’s recent deal in the region. With 20% of its clients in the Middle East, Ripple aims to leverage Dubai’s favorable regulatory environment. Amid legal challenges with the SEC, Ripple and its token XRP face market volatility as the crypto landscape evolves.
Ripple has recently established a partnership with the United Arab Emirates, pursuing further expansion in the region just after Binance announced its own deal there. This new collaboration will enable Ripple to provide regulated crypto payments and services within Dubai’s International Financial Centre. Notably, 20% of Ripple’s clientele is based in the Middle East, exemplifying the company’s commitment to this growing market.
Dubai functions as a significant economic zone known as the Dubai International Financial Centre, where favorable regulations and tax policies are designed to attract digital asset enterprises. Ripple CEO Brad Garlinghouse remarked on the UAE’s advantageous position for fostering the burgeoning crypto sector.
Meanwhile, Binance, the leading global cryptocurrency exchange, has secured a $2 billion investment from MGX, an AI investment firm with ties to the UAE government. Its CEO, Chanpeng Zhao, is reportedly residing in Abu Dhabi, further linking Binance to the region.
Ripple has faced legal challenges from the Securities and Exchange Commission (SEC) regarding compliance with US securities regulations. However, this year, some SEC actions against Ripple have been dismissed as the regulatory environment shifts under the Trump administration. Despite this, Ripple is still engaged in one ongoing legal case.
Last November, the value of Ripple’s digital token, XRP, experienced significant growth following Trump’s election, with prices increasing over sixfold from November to January. However, the token has declined in value by a third since its peak due to market volatility caused by broader economic factors, including Trump’s trade policy.
Ripple’s recent partnership with the UAE is part of a strategic move to capitalize on the region’s favorable regulatory environment for crypto services. As Ripple aligns itself with emerging markets, particularly in Dubai, it faces ongoing challenges from regulatory bodies in the US. Meanwhile, the crypto market is experiencing fluctuations, impacting the valuation of assets like XRP. Overall, Ripple’s expansion reflects the increasing recognition of the UAE as a key player in the global crypto landscape.
Original Source: www.dlnews.com
