TL;DR
Despite the ongoing battle against the SEC, Ripple continues expanding outside the U.S. by upgrading its Ripple Payments service to dozens of European countries, including the Middle East and Africa.
Most recently, Ripple partnered with mobile payments provider Onafriq. As part of the partnership, Onafriq will use Ripple Payments’ blockchain to power new corridors between 27 African countries, the U.K., Australia, and the Gulf Cooperation Council (GCC).
Ripple, alongside three other partnering companies, will allow citizens from across these countries to conduct low-cost, high-speed remittance and business payments across Onafriq’s pan-African network.
As CryptoPotato reported, the Dubai Financial Services Authority (DFSA) approved XRP for use within the Dubai International Financial Centre (DIFC) —the leading financial hub in the Middle East. This means licensed crypto firms and businesses within the DIFC can integrate XRP into their digital asset services.
CEO Brad Garlinghouse has said the company intends to double down in the region as its regulatory environment fosters crypto innovation.
“It’s refreshing to see the DFSA encourage the adoption and use of digital assets such as XRP to position Dubai as a leading financial services hub intent on attracting foreign investment and accelerating economic growth.”
However, this might be more important than what it appears; the DIFC, as we stated, is a leading financial hub, not just in the Middle East but the entire MEASA region —the Middle East, Africa, and South Asia.
In other words, XRP may now be available as a payment service in up to 72 countries within the MEASA region, including financial hubs like Saudi Arabia, UAE, Israel, Qatar, and India. These and other countries within the region have a combined nominal GDP of over $8 trillion.
Ripple is expanding to other countries as the current regulatory environment in the U.S. makes it harder for the company to operate, according to CEO Brad Garlinghouse. Other countries provide more precise frameworks for cryptocurrency companies, and the U.S. is rather hostile toward crypto entrepreneurs and businesses.
During an interview at D.C. Fintech Week 2023, the executive recently said that Ripple is ready to take the case to the Supreme Court if the SEC appeals the case should the company win the trial in April 2024.
