Reece Merrick, Ripple Senior Executive Officer and Managing Director, Middle East & Africa, reacts to Coinbase’s UAE expansion. “Welcome to the party,” Merrick said in response to the Coinbase CEO, who informed of the company’s move in the UAE.
Coinbase is the largest U.S.-based crypto exchange with over 120 million users and boasts of over 245,000 ecosystem partners across more than 100 countries of the world.
In a recent tweet, Coinbase CEO Brian Armstrong said of having wrapped up a great trip in the UAE, with a presence at Abu Dhabi Finance Week.
Armstrong shared his observation about the Middle East country, saying the UAE is all-in on crypto. The Coinbase CEO added that UAE has become the second crypto capital of the world, along with the U.S.
The Coinbase CEO’s tweet caught the attention of Ripple executive Reece Merrick, who voiced his agreement with Armstrong’s perspective about the UAE.
Merrick reiterated his long-held view that the UAE is serious about becoming the crypto capital of the world.
Amid this new crypto evolution, Merrick said Ripple is not new to the market as the company planned its expansion outside the U.S. years back.
Merrick mentioned that Ripple has been in the UAE and the Middle East for over seven years now, while he had been there for over four years.
Ripple executive highlights remarkable progress
The Ripple exec highlights remarkable progress made in the last seven years of Ripple’s presence in the UAE, saying, “I’m excited about the progression we’ve already made.”
In October, Ripple announced its strategic partnership with Bahrain Fintech Bay (BFB) to further accelerate the development and adoption of blockchain and digital assets technology in Bahrain.
The move extends Ripple’s presence in the Middle East, building on Dubai regulatory license secured earlier this year.
Ripple’s RLUSD stablecoin was also recently approved for use as lending collateral within Abu Dhabi’s ADGlobalMarket.
Merrick added that not only is he excited for the progress made so far, he is more excited about what is to come as seen in the domination across all of Ripple products.
