Ripple (XRP) is planning on opening an office in Dubai. How significantly will this benefit XRP?
Ripple’s plan to open an office in Dubai is another sign that Ripple’s networks will soon be running the settlements for financial institutions worldwide. Dubai now represents Ripple’s presence in another crucial monetary market. As stated in some of my other posts about Ripple there is very strong indications that Ripplenet will be the vehicle to solve cross boarder payments around the world.
This is significant because the UAE Exchange Group which had adopted Ripple to facilitate its cross-border payments back in August, makes it the largest UAE-based exchange to incorporate blockchain technology into its daily operation. The office and partnership gives Ripple a strong foothold in the Middle Eastern financial market. I always say if you want to know whats really going on take a look at whats going on behind the scenes. So now we can see Dubai joining the list of Ripple’s network offices located in London, Sydney, India, Singapore, Luxembourg, San Francisco and New York.
Is it a coincidence that all these locations are in countries connected to the World Bank and the IMF? After years of slow transaction settlements and high costs of sending money especially cross boarder are we now to believe that SWIFT has all of a sudden come up with a solution with GPI? Really? The SR2018 document that outline the high-level Information of Standards requests by SWIFT somehow all look to implement changes that would integrate blockchain protocols that Ripple needs like open API.
Ripple networks could single handedly eliminate the entire archaic systems. But this will not happen because the Central Banks and governments (US) will not give up control (SWIFT is how they are able to enforce sanctions on other countries) and regulation (the ability to prevent money laundering, terrorist funding…yea yea yea protect us. But most importantly taxes).
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I am not an expert or a financial advisor so as always do your own research and hopefully I was able to provide avenues for you to investigate. If you found this helpful please feel free to share and give it an upvote.
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