Leading blockchain payments firm Ripple has struck a deal with the DIFC Innovation Hub in Dubai.
This alliance seeks to boost institutional-grade adoption and innovation of blockchain and digital assets within the UAE. Additionally, Ripple aims to strengthen its foothold in the Middle Eastern market.
Ripple Seals Major Partnership
Ripple revealed in an August 7 press release that it had entered a partnership with the DIFC Innovation Hub, recognized as the biggest innovation community in the UAE, hosting more than 1,000 tech companies, venture capital entities, and regulatory bodies.
This team-up will integrate Ripple’s expertise with the vibrant ecosystem of the DIFC Hub to facilitate the growth of early-stage companies adopting blockchain and crypto into their processes. Moreover, it is also intended to work with traditional large organizations to enable the use of these technologies.
Ripple’s partnership with DIFC aligns with the fintech firm’s commitment of one billion XRP to accelerate development and new global use cases on the XRP Ledger (XRPL). This commitment entails providing developers around the world with financial, technical, and business support. Since the 1 billion XRP fund was announced in late 2021, Ripple has reportedly funded more than 160 teams working on the XRPL in 47 countries.
DIFC CEO Arif Amiri highlighted the partnership’s role in fortifying the UAE’s position as a global fintech hub.
“Today marks a significant milestone in Dubai’s ongoing journey to accelerate its position as a leading international center of excellence for business and finance. Our partnership with Ripple underscores the strength of our developer community and DIFC’s commitment to fostering technological advancements,” Amiri posited.
Ripple Boss Reacts To New Partnership
Ripple CEO Bradley Garlinghouse expressed enthusiasm about the partnership, highlighting the UAE’s progressive stance toward crypto and blockchain technology.
“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,” said Garlinghouse. “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 scale-ups building real use cases.”
The partnership between Ripple and DIFC Innovation Hub marks a significant development in Ripple’s expansion strategy, particularly in the Gulf market. The XRP ecosystem could be poised to gain greater recognition and grow dramatically in the region as a result of this collaboration.
At press time, XRP is trading at around $0.5147, up 1.9%. Market experts expect the price of the seventh-largest token to rip higher if the ongoing case with the United States Securities and Exchange Commission (SEC) ends in Ripple’s favor.
