Ripple Plans To Enter Into Middle East Market

Ripple Plans To Enter Into Middle East Market

It’s no secret that Ripple, the creator of XRP, has been on a charm offensive to rope in as many RippleNet customers as possible. With this strong effort, the company has seen its client base explode and grow in vast figures. At the moment, the San Francisco based blockchain company has over two hundred customers under its belt.

As many already know, Ripple is the innovative company behind XRP, the present third largest crypto in the world. On its part, XRP has seen its immense share of growth particularly in terms of market capitalization. However, there hasn’t been much activity in its price range over the last week, but that could change soon. obviously, Ripple’s success in bringing in more customers would work great in favor of XRP.

Ripple Plans To Enter Into Middle East Market

Ripple And XRP to make A Debut In Dubai

The latest of these efforts is Ripple’s entry into the Asian market. the biggest Islamic bank in Saudi Arabia, Al-Rajhi, joined RippleNet just a couple of weeks ago. Another one is that the Kuwait Finance House. However, it’s the latest announcement that would extremely trigger a noticeable market event. while attending a conference in Dubai, U.A.E, Ripple’s Dilip Rao had some excellent news to share. Rao is the head of Ripple’s global Infrastructure Innovation

During his speech, Dilip announced Ripple’s plans to fully enter the Asian market by setting up a base of operations in Dubai. this is expected to be realized before the end of 2018. Going further, Rao explained the importance of Ripple’s technology and what it means for the employees within the Middle East. given that many employees in the region are foreigners who send money to their home countries, there has been a serious problem in that the transaction fees charged haven’t favored them. Also, the time it takes for the transactions to travel through is something of a disappointment to many.

Dilip Rao explained that Ripple aims to eliminate these burdens by introducing a fast transaction processing system that charges negligible figures in transaction fees. Also, he talked of Ripple’s InterLedger Protocol. If implemented, the ILP can allow various ledgers to connect and make funds transfer all the easier and faster. Currently, the XRP network will handle around 1,500 transactions per second. that makes it the world’s fastest crypto network.

The Middle East Loves Blockchain

The UAE and the Middle East at large has been very receptive of the blockchain technology. just this april, the U.A.E government announced plans to use the technology to handle government transactions and information. These can include the citizen’s legal documents and other financial information. Also, the first Islamic Cryptocurrency Exchange (FICE) is going to be launching in 2019.

As with alternative cryptocurrencies, such developments are sure to have an effect on XRP prices. the actual fact that the banks on RippleNet use XRP as the fund's transfer currency could send the crypto’s price skyrocketing. Things might get even higher as more banks be a part of the network and XRP adoption will increase.

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