The blockchain-based payment company reportedly selected the location for its “innovative regulations”. The DIFC website states that the Special Economic Zone serves more than 2,500 companies in the Middle East, Africa and South Asia as an “independent regulator” with a “proven justice system”.
“Ripple already has a significant customer base in the MENA [Middle East and North Africa] The region and the ability to partner with our customers made DIFC a natural choice, ”said Navin Gupta, Managing Director at Ripple. “Our regional office will serve as a stepping stone to introduce our blockchain-based solutions and deepen our relationships with even more financial institutions in the region.”
CEO Brad Garlinghouse and co-founder Chris Larsen have spoken about moving the company’s headquarters in San Francisco to a country with greater regulatory clarity than the United States. Cointelegraph reported that Ripple has shortlisted Japan and Singapore as potential locations for its new offices.
The UAE-based DIFC has reportedly not provided blockchain companies like Ripple with 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 UAE – announced in January that it was planning to launch a new crypto valley.
Ripple’s move is due to an increased volatility of the XRP token compared to Bitcoin (BTC) and Ether (ETH) in 2020. According to the XRP market report for the third quarter of 2020 published on November 5, 2020, the volatility of XRP was higher than that of BTC and ETH compared to the third quarter, representing an increase in volatility compared to that in Q2 and Q1.
XRP is currently trading at $ 0.25 after rising 2.09% in the past 24 hours.
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