Reece Merrick, the managing director for the Middle East and Africa at enterprise blockchain company Ripple, has said that the company is "committed" to advancing the cryptocurrency ecosystem in the region.
Merrick has lauded the United Arab Emirates (UAE) for having "progressive regulations" that enable blockchain innovation. "The future of finance is being built here," he said.
Last year, the UAE Central Bank regulated the use of stablecoins, allowing payments to be conducted using dirham-pegged tokens. "Stablecoins are cutting costs & speeding up transfers—bringing the Middle East, South Asia, & Africa together like never before," Merrick noted.
On top of this, Ripple will also focus on such areas as cryptocurrency custody, tokenization, and stablecoin regulation.
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Ripple has had a strong presence in the MENA region for a long time. Asreported by U.Today, it managed to secure partnerships with banking institutions in countries like the AUE, Kuwait, and Saudi Arabia. In 2020, for instance, the National Bank of Fujairah (NBF) became part of the RippleNet network.
On the cusp of the SEC lawsuit, Ripple CEO Brad Garlinghouse said that the company could potentially move its global headquarters to the UAE The U.K. and Japan were among other possible options, but the company, which is mainly known due to its association with the XRP cryptocurrency, ultimately decided to remain in San Francisco.
In November 2020, the company opened a regional headquarters in Dubai.
Last year, Ripplesecured key regulatory approval in the UAE's most populous city. It made it possible for the company to expand its services in the Middle East.
