Ripple Sets Up Dubai Office For Its Regional Headquarters

The San Francisco firm isn't waiting for broader headquarters plans to come together before advancing the regional expansion. In October, Ripple executives criticized the US regulatory landscape and indicated they might leave. The company would probably relocate to a jurisdiction where authorities don't classify XRP as a security. Japan, Switzerland, Singapore and the UK all remain under consideration.

Navin Gupta, managing director for Ripple in the Middle East and North Africa, credited the move to the region's existing client base and welcoming regulatory climate. "Ripple already has a significant client base in the MENA region, and the opportunity to co-locate with our customers made DIFC a natural choice," he said. "Our regional office will serve as a springboard to introduce our blockchain-based solutions and deepen our ties with even more Financial Institutions in the region."

Ripple will house the MENA operation inside the Dubai International Financial Centre, a mixed-use complex that also hosts hotels, financial firms and galleries. The location offers a financial advantage: the DIFC provides zero corporate income and profit taxes for more than fifty years.

XRP prices swung through heightened volatility in the third quarter. Ripple's Q3 Markets Report, released November 5, documented swings that exceeded both Bitcoin and Ethereum during the same period.