Crypto payment provider Ripple plans UAE growth
- Licensed by Dubai in March
- Fifth of customers in Middle East
- Focus on UAE’s remittance market
Cryptocurrency company Ripple Labs has outlined plans to expand in the UAE after winning approval to operate in Dubai.
Based in San Francisco, Ripple was the first blockchain payments provider to be licensed by the Dubai Financial Services Authority (DFSA) in March, the company said in a statement.
One in five Ripple customers is based in the Middle East, and Ripple has had an office in Dubai since 2020.
The Middle East is a “key focus” for it, the company said, highlighting the UAE’s $40 billion annual remittance market and trading hub status as growth areas.
Ripple is the company behind the protocol by the same…
