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Ripple Attracting Institutional Investors in Dubai: Sologenic Report

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Wed, 11/10/2023 - 10:52
Ripple Attracting Institutional Investors in Dubai: Sologenic Report
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In a new report, Sologenic, an XRP Ledger-based platform, highlights that Ripple continues to attract institutional investors in Dubai.

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Despite the current SEC case, Ripple continues to pursue global expansion, with a significant foray into the Dubai and Middle East and North Africa (MENA) markets.

Ripple increased its footprint in Dubai in May of this year by opening a new office space in the Dubai International Financial Centre (DIFC).

According to Ripple CEO Brad Garlinghouse at the Dubai Fintech Summit, XRP Ledger (XRPL) currently has over 4.8 million wallets, with 20% of clients originating from the MENA region, demonstrating the substantial interest in and demand for Ripple-based solutions in this space.

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Ripple has mainly concentrated on serving customers all around the world, with more than 90% of its business operating outside of the United States.

The MENA area has become an important market for Ripple because it is home to some of its clients, including SABB, Qatar National Bank, Lulu Financial Holdings, Al-Ansari Exchange and RAK Bank.

Sologenic, a native UAE firm, expresses its delight at becoming a part of Ripple's objective to attract institutional investors, having successfully onboarded over 200,000 customers onto the XRP Ledger.

XRP payments expand

XRP payments are becoming more popular as crypto adoption grows. Bitpay, a cryptocurrency payment processor, recently tweeted about two companies accepting XRP through its platform.

ExpressVPN, a VPN service provided by the British Virgin Islands-registered business Express Technology, now takes XRP via BitPay, according to a tweet from the crypto payments processor.

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In addition, digital games marketplace Kinguin is now accepting XRP payments via BitPay, allowing players to game with the ease and speed of XRP.

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