Ripple Executive Reveals Plans for Dubai Office Expansion, Believes XRP Will Solve Liquidity Problem

Several of Ripple’s executives have taken the stand to share what they believe Ripple is all about and how far the firm has come in terms of delivering products and attracting new investors.

This has since been reported by Bitcoin Exchange Guide, where the SVP of Product, Asheesh Birla, Director of Product, Craig DeWitt and Chief Market Strategist, Cory Johnson all shared different aspects of the RippleNet. The next to take the stand is none other than Ripple’s Global Head of Infrastructure Innovation, Dilip Rao.

Ripple to Expand to Dubai, 200 Institutions Onboard Thus Far

During a Dubai Conference, Rao revealed that Ripple will now be expanding itself into the Middle East, with Dubai being their first target market. He mostly spoke of the office that will be set up along with how Ripple will be complying by regulations set in Dubai.

As for Dubai-based office, it has been disclosed that it should come into effect by year-end 2018 and that the firm’s primary goals are to initiate “cross border payments,” adding that “there is a huge requirement for cross-border transactions that will support the economy both within the region, but also in terms of business.”

He also shared that Ripple has since partnered with nearly 200 institutions, most of which are from the Middle East as he calls it the region one of the “fastest growing marketplace.”

XRP is the Solution to the Liquidity Problem?

During the same conference, Rao referenced the fact that many are opposing the firm due to working alongside financial institutions, mainly because of the latter’s centralized nature. He, however, does not see it that way, but instead sees it as a collaboration that will get everyone one step closer to the final solution. In particular, he said:

“Ripple has been working with banks rather than against them […] to develop a solution that will be acceptable to meet the compliance requirements of regulators around the world.”

He later spoke of Ripple’s goals towards the InterLedger Protocol, where he described the endeavor as bringing together, “a bunch of people who have an interest in making the movement of value frictionless,” who will then work towards building, “a new protocol to enable ledgers to connect with each other.”

Rao also made the case for why Ripple does not use public ledgers. Evidently, it is due to the fact that they are working with financial institutions, whom naturally require a strong sense of “secrecy and privacy” as he put it. Additionally, he deems the Ripple token [XRP] has the potential to “solve for the lack of liquidity in many corridors as a bridging asset to convert from one to the other.”

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Bitcoin Exchange Guide News Team
B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


Please enter your comment!
Please enter your name here


Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Fed Researching CBDC & Planning to Deposit ‘Digital Dollars' Directly To the Digital Wallets of Americans

Federal Reserve Bank of Cleveland President Loretta Mester revealed that each American would receive digital dollars directly. She said, "Legislation has proposed that each American...

65% Vote For ‘Zero Compensation' For MakerDAO Vault Owners Who Lost $8M On Black Thursday Crash

MakerDAO votes against compensating vault owners following the Black Thursday crash in March of this year. Over 65% of the votes cast opted...

Gemini Crypto Exchange Opens Up GBP for Buying, Selling, and Trading for UK Customers

Cryptocurrency exchange Gemini is now expanding into the UK. The launch follows obtaining an electronic-money institutions (EMI) license from the Financial Conduct Authority (FCA) after...

Stocks & Gold Getting Hammered But Bitcoin Fundamentals Do Not Support A BTC Crash to $7k

In another red day of the week, Bitcoin dropped to about $10,150 level. Just like the weak price performance, with BTC currently trading around...

People's Bank of China (PBoC) Testing Digital Yuan (DCEP) for Credit Card Payments

China has been aggressively developing its central bank-issued digital currency (CBDC), popularly known as digital yuan. As per the latest reports, the People's Bank...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today