Ripple expands into the UAE through a strategic partnership with DIFC. The parties have committed $1 billion in XRP funding to accelerate blockchain development. The UAE’s crypto-friendly environment is attracting Ripple’s expansion efforts.
Ripple has formed a strategic partnership with DIFC!
Cryptocoin.com As we reported, Ripple has announced a collaboration with the DIFC Innovation Hub in Dubai. The partnership aims to promote blockchain innovation in the UAE through the Centre’s Innovation Hub, which is home to over 1,000 tech firms, digital labs, venture capital firms and other key players in the sector. The partnership is largely aimed at early-stage companies that are incorporating blockchain and crypto into their processes. However, it also aims to work with traditional large enterprises to facilitate the use of these technologies.
For Ripple, the partnership with DIFC is a natural continuation of the crypto company’s previous initiatives. In 2021, it pledged and invested 1 billion XRP for the development and use of XRPL. This is about providing developers with the financial, technical, and commercial support they need. As a result, Ripple has helped over 160 teams in 47 countries so far, according to the report.
Comments from the managers of the companies that are parties to the partnership
Brad Garlinghouse, CEO of the crypto firm, underlined the importance of the UAE’s regulatory environment in fostering innovation. “The UAE is one of the most advanced jurisdictions globally in providing regulatory clarity for licensed firms to offer virtual asset services and fostering an environment where next-generation financial innovation can thrive,” Garlinghouse said.
DIFC Chief Executive Officer Arif Amiri shared his thoughts on the partnership. Amiri highlighted Dubai’s role in advancing its position as a global financial and technology hub. In this regard, Amiri said, “Today marks a significant milestone in Dubai’s journey to accelerate its position as a leading international centre of excellence for business and finance. Our partnership with Ripple underlines the strength of our developer community and DIFC’s commitment to driving technological advancement.”
Ripple Middle East and Africa General Manager Reece Merrick highlighted the potential of the UAE’s fintech scene. In this regard, Merrick noted the UAE’s progressive approach to fintech. “This, combined with Ripple’s multi-billion XRP developer fund, creates fertile ground for innovation in the UAE,” Merrick said.
Win, win, win!
As for Dubai, in addition to the city being the latest venue for the Ripple Swell conference, the DIFC has also given the green light to use XRP from November 2023. This means that licensed virtual asset firms registered with the center can now include XRP in their services. In short, the partnership strengthens the UAE’s position as a global fintech hub. In addition, Ripple becomes even more established in one of the world’s financial hubs. Meanwhile, XRP will gain more recognition and open up new adoption corridors.
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