The official media office of the Dubai government has recognized leading fintech firm Ripple as a leading provider of enterprise blockchain and cryptocurrency solutions. The recognition comes on the heels of Ripple\u2019s recent expansion into the bustling city with a brand-new office.<\/p>\n
Dubai\u2019s forward-thinking stance on emerging technologies like blockchain and cryptocurrency has been reiterated by the government\u2019s media office, which stated that these proactive policies have attracted industry pioneers such as Ripple, establishing the city as a global hub for technological innovation.<\/p>\n
Ripple announced its expansion into Dubai at the recent FinTech Summit, and has recently shared in a press release that it has opened a new office in the Dubai International Financial Center (DIFC), as part of its strategy to increase its foothold in the Middle East and North Africa (MENA) region.<\/p>\n
As CryptoGlobe reported, Ripple CEO Brad Garlinghosue has recently anticipated a turning point in the company\u2019s legal battle against the U.S. Securities and Exchange Commission (SEC).<\/p>\n
Garlinghouse anticipates a resolution in the next two to six months. \u201cThe judge in the United States has been fully briefed. She has a decision on her plate. A federal judge can operate on whatever timeline she would like, but I\u2019m optimistic we\u2019re going to see a resolution, I believe, before the end of Q3,\u201d he concluded.<\/p>\n
Ripple\u2019s expansion has been growing outside of the U.S., with the recent praise being received more than two years after Ripple decided to establish its regional headquarters for the MENA region in Dubai, citing the city\u2019s favorable regulatory environment as a key factor.<\/p>\n
Last month, the company released its quarterly XRP Markets Report, in which it detailed its total XRP sales in the first quarter of the year were $361.06M, compared to $226.31M in the previous quarter. Ripple continues to sell XRP only in connection with ODL transactions and has been sourcing XRP from the open market since 2020 to ensure there is sufficient supply for its growing ODL business.<\/p>\n
The XRP Ledger, meanwhile, saw robust on-chain activity, with a 9% increase in transactions to 116M compared to the last quarter. NFTs were a major driver of activity, and more than 1 million assets have been created on the Ledger since the launch of XLS-20 on mainnet.<\/p>\n