As a result, Ripple's expansion to Dubai has been an important step in establishing the city as a global center for technological innovation.
Dubai has made significant progress in blockchain and digital currencies, and Ripple has been at the forefront of this movement. Recently, Ripple was recognized by the Official Media Office of the Government of Dubai as a leading provider of enterprise blockchain and digital currency solutions. This recognition takes place due to the expansion of Ripple's new office in the city. Dubai's forward-looking stance on emerging technologies such as blockchain and digital currencies has attracted industry pioneers such as Ripple and established the city as a global hub for technological innovation. At the recent FinTech Summit, Ripple announced its expansion to Dubai, opening a new office in the Dubai International Financial Center (DIFC) to increase its footprint in the Middle East and North Africa (MENA) region. Ripple CEO Brad Garlinghouse recently predicted a turning point in the company's legal battle against the US Securities and Exchange Commission (SEC). Garlinghouse is optimistic that a resolution will be reached in the next two to six months, adding that he believes it will happen before the end of the third quarter. Ripple's expansion outside of the US has been growing, with recent accolades coming more than two years after establishing Ripple's MENA headquarters in Dubai. The city's favorable regulatory environment was an important factor in Ripple's decision to set up shop in Dubai. Last month, Ripple released its quarterly XRP markets report detailing total XRP sales in the first quarter of the year at $361.06 million, compared to $226.31 million in the previous quarter. Ripple will continue to sell XRP only in connection with ODL transactions and will source XRP from the open market from 2020 to ensure sufficient supply for its growing ODL business. XRP Ledger saw strong on-chain activity with a 9% increase in transactions to 116 million compared to the previous quarter. NFTs were a significant driver of activity, and since the launch of XLS-20 on the mainnet, more than 1 million assets have been created on the Ledger. As a result, Ripple's expansion to Dubai has been an important step in establishing the city as a global center for technological innovation. With Dubai's favorable regulatory environment and Ripple's innovative blockchain and cryptocurrency solutions, the future of this industry in the MENA region looks bright.