“Ripple Looks to Expand Presence in the Middle East and North Africa Region”
Ripple, the company behind the popular cryptocurrency XRP, is looking to expand its presence in the Middle East and North Africa (MENA) region. According to Navin Gupta, Ripple’s Managing Director for South Asia and MENA, the growth of cross-border transfers via RippleNet and the increasing adoption of on-demand liquidity (ODL) technology by regional financial institutions is expected to drive the use and adoption of XRP in the region.
Ripple already has a strong presence in the MENA region, with partner networks including major banks like Saudi British Bank and Qatar National Bank using its technology to facilitate cross-border transactions. In addition, there is interest in using the XRP Ledger in countries like the United Arab Emirates, which recently announced plans to become a global crypto hub.
However, Ripple is taking a cautious approach to expansion in the region, and is already in discussions with lawmakers and regulators to ensure compliance with all relevant rules and regulations. The company is also open to working with local organizations to develop relevant solutions for the region, potentially through grants from Ripple or the XRPL Foundation. With its strong partnerships and growing interest in its technology, Ripple is well positioned to continue driving adoption of XRP in the MENA region.