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- Amid rising popularity for Ripple products – including XRP, and Ripplenet – in the Middle East and the North African region, the blockchain payment company has set its annual two-day Swell conference in Dubai beginning November 08.
- The Swell conference has already attracted mega media attention from the Middle East amid notable partnerships between Ripple and traditional finance institutions in the region like the Kuwait Finance House (KFH).
The Ripple global community is all focused at the Madinat Jumeirah in Dubai for the annual Swell conference that brings together top executives, blockchain investors, and XRP enthusiasts under one roof.
With the Ripple community involving major traditional banks and top-rated Web3 projects – like Metaco Harmonize, and Bitstamp cryptocurrency exchange among many others – a popular XRPL reporter on the X platform alias Crypto Eri reported that two major Middle East publications have given Ripple the spotlight.
The vast attention is from the fact that Ripple has already acquired several regulatory licenses in the region and partnered with notable traditional finance institutions operating within the Arabic region.
Ripple and the Middle East Publications
On one hand, Al-Qabas, an Arabic daily that prints and distributes newspapers in Kuwait City, detailed Ripple’s Ripplenet, a technology that utilizes blockchain technology to provide financial institutions from around the world the ability to move funds with minimal friction.
Notably, Al-Qabas was reflecting on the fact that Kuwait Finance House (KFH), a leading Islamic-centered bank, has been cooperating with Ripple in streamlining its cross-border payments using Ripplenet. Interestingly, the newspaper highlighted that Ripple’s payment product, Ripplenet, is no longer an option but instead a necessity that helps traditional banks survive being obsolete.
More @Ripple coverage in the MENA region. I imagine with Swell in Dubai, we'll see more. Al-Qabas, an Arabic daily covers Ripplenet with a quote from Tareq Al-Ajeel, the digital strategy development lead for the Kuwait Finance House Bank, seven regions worldwide, with 430… pic.twitter.com/oWSTLFSFWH
— 🌸Crypto Eri 🪝Carpe Diem (@sentosumosaba) November 7, 2023
On the other hand, Al-Seyassah, a Kuwaiti daily newspaper, focused on a similar angle with Ripple’s Ripplenet and the partnership with the Kuwait Finance House. The notable publicity in the Kuwait market is expected to attract more customers for both entities seeking to expand their services in the region. Moreover, the Middle East region has been one of the most crypto-friendly markets around the world in a bid to revolutionize their payments.
A little Ripplenet write-up in the Kuwait Al-Seyassah daily paper Nov 6th / pg 8. Fintech has become the core business for @KFHGroup, "noting the cooperation with the company "@Ripple" for cross-border transfers using the "Ripplenet" network, enabling them to explore new… pic.twitter.com/k6A4hNa3ZJ
— 🌸Crypto Eri 🪝Carpe Diem (@sentosumosaba) November 7, 2023
Market Outlook
The rising profile for Ripple and its product has undeniably helped XRP price rally more than 24 percent in the past seven days to trade around $0.69 on Tuesday. Moreover, the daily average trading volume for XRP had spiked by over 20 percent in the past day to about $3 billion. However, most stock market enthusiasts are closely monitoring when Ripple will transition to a publicly traded blockchain company like Coinbase Global.
Furthermore, Ripple is one of the top-rated blockchain companies that have stood the test of time, more so in the United States amid the ongoing crypto regulatory crackdown.
Ultimately, Ripple is expected to exit its private status to a public company either through an initial public offering (IPO) or via an acquisition by a publicly traded corporation.
