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 name, which is designed to facilitate fast, low-cost international money transfers
Ripple created the XRP altcoin, the cryptocurrency used to exchange on Ripple’s blockchain network.
DFSA licensing means Ripple can offer fully regulated cross-border crypto payments in the UAE.
Ripple markets itself as a cross-border payments solution for businesses working with digital assets. It aims to reduce fees and settlement times in cross-border payments using its technology.
Last year, Ripple launched its stablecoin — a cryptocurrency pegged to a real-world fiat, such as the US dollar — which it says has already surpassed $130 million in market capitalisation.
Earlier this month, US President Donald Trump announced the establishment of a national cryptocurrency reserve encompassing five coins — bitcoin, ethereum, ripple (XRP), solana and cardano.
The UAE’s Fujairah National Bank and Al-Ansari Exchange have been working with Ripple for years, while Saudi Arabia’s National Commercial Bank partnered with it in March.
