Ripple announced a partnership with the Dubai International Financial Centre (DIFC) Innovation Hub to enhance blockchain and digital asset innovation within the UAE.
This strategic move aligns with Ripple’s broader objective to expand its influence in key global markets, like the Middle Eastern market.
Commenting on the partnership, Ripple CEO Brad Garlinghouse said, “The UAE is one of the most advanced jurisdictions globally when it comes to offering regulatory clarity for licensed firms to offer virtual asset services and fostering an environment in which the next generation of financial innovation can flourish.”
BOOOOOOOOOOOOOOOOOOM!!!
The DUBAI INTERNATIONAL FINANCIAL CENTRE (DIFC) has classified #XRP as a bridge currency in the Middle East to eliminate slow transactions and high fees! pic.twitter.com/7RB2MP7viU
— JackTheRippler ©️ (@RippleXrpie) August 7, 2024
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Ripple DIFC Partnership To Fuel Early-Stage Blockchain Companies
The DIFC Innovation Hub hosts over 1,000 tech firms, venture capital entities, and regulatory bodies.
This new alliance will integrate Ripple’s blockchain expertise with the dynamic ecosystem of the DIFC Hub.
The Ripple – DIFC partnership will facilitate the growth of early-stage blockchain companies, positioning technologies like blockchain alongside larger, traditional institutions.
“Our partnership with the DIFC Innovation Hub promises to drive the adoption of blockchain technology in the region as the XRPL continues to be a leading blockchain for the region’s start-ups and scaleups building real use cases,” said Garlinghouse.
Meanwhile, Mohammad Alblooshi, CEO of DIFC said, “We are thrilled to literally see the Ripple effect manifesting itself at the DIFC Innovation Hub for the benefit of our growing community of FinTech and innovation firms.”
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Regulatory Clarity And Investor Confidence In UAE
The UAE’s regulatory approach to crypto is setting a benchmark for other countries.
Reece Merrick, managing director of Ripple’s Middle East and Africa operations, said, “In contrast to other jurisdictions that are yet to begin the process of setting clear regulatory guidelines for the industry, the UAE’s supportive regulatory environment creates a highly attractive environment for blockchain development.”
Ripple’s users in the Middle East represent a fifth of its global customer base. XRP is the seventh-biggest by market capitalization, with a value of about $29 billion as of Wednesday, 7 August 2024, according to data from CoinMarketCap.
“Ripple’s business traction and growth is primarily outside of the US in regions such as the UAE, where there is regulatory clarity,” Merrick added.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
