Ripple global head of infrastructure innovation, Dilip Rao reveals at the Dubai Conference that Ripple open new office in Dubai before the year-end.
Rao called the Middle East as one of the “fastest growing marketplaces”. Ripple plans on starting cross-border payments in Dubai as there is a high demand for cross-border transactions within the economy and business organizations.
Rao added that 200 organizations have partnered with the payments company and most of these from the Middle East, Rao Said.
We now have three banks in Saudi Arabia, two in Kuwait, one in Bahrain, one in Oman, a couple in the UAE here. And it really is our fastest growing marketplace.
He also spoke about the reasons why the company decided to use InterLedger Protocol, instead of public ledgers, which is related to the high level of security and privacy required by the financial institutions they’re working with.
The company recently released their quarterly report that shows sales of XRP have doubled from the previous quarter.
They are also beefing up their ranks, as is evident by the firm recently poaching the head of Google’s wireless messaging team, Amir Sarhangi, to become their Vice President of Products.
XRP is the third largest cryptocurrency in the world with a market capitalization of over $18 billion, at the time of writing. Ripple’s XRP is used widely for cross-border payments and is known for reduced costs and faster processing time for transactions.