Diving into the exciting blockchain world, Ripple is making big moves in the Middle East by teaming up with DIFC. On August 7, Ripple, a prominent blockchain payments firm, announced a significant partnership with the DIFC Innovation Hub in the UAE. This strategic partnership reflects Ripple’s goal to tap into a massive $204 Million market in UAE’s booming crypto scene.
What’s next for the crypto giant? Read on to explore!
Ripple Wave in UAE
UAE is the major hub for Ripple and being one of the strongest economies in the world UAE opens doors for start-ups and blockchain innovation to pump up the crypto game in the Middle East. The DIFC Innovation Hub, the largest innovation community in the Middle East, hosts over 1,000 tech firms, venture capital entities, and regulatory bodies. Ripple’s collaboration with this dynamic ecosystem aims to facilitate the growth of early-stage blockchain companies and integrate these technologies with larger, traditional institutions.
CEO’s Perspective
Ripple’s CEO, Brad Garlinghouse, noted, “The UAE is one of the most advanced jurisdictions globally in offering regulatory clarity for licensed firms to offer virtual asset services and fostering an environment where financial innovation can flourish.” Garlinghouse believes this partnership will drive blockchain adoption in the region, leveraging the XRP Ledger (XRPL) for start-ups and scale-ups to build real use cases.
What Next?
This move supports Ripple’s aim to use local innovation in major global areas to extend its reach. The partnership intends to increase the adoption of Middle Eastern crypto and blockchain. Ripple has pledged one billion XRP to accelerate XRPL development and new global use cases, giving developers financial, technical, and business support globally.
From late 2021, Ripple has supported approximately 160 XRPL teams in 47 countries, addressing use cases ranging from decentralized finance (DeFi) to Real-World Assets.
Arif Amiri, DIFC’s Chief Executive Officer, highlighted the partnership’s significance in advancing Dubai’s global financial and technological hub position.
“Our partnership with Ripple underscores the strength of our developer community and DIFC’s commitment to enhance technological advancements,” Amiri stated. Reece Merrick, Ripple’s Managing Director for the Middle East and Africa, noted the potential of the UAE’s fintech environment, stating, “The UAE’s progressive approach to fintech, coupled with Ripple’s billion XRP developer fund, creates a breeding ground for innovation.”
Moreover, Ripple’s Middle Eastern users comprise 20% of its global customer base. XRP, its cryptocurrency, is the seventh-largest, valued at about $29 billion. So far, Ripple has processed around 27 million transactions worth $50 billion, serving nearly 70 markets.
“Ripple’s growth is mainly outside the US, especially in the UAE where regulations are clear,” said Reece Merrick.
In a nutshell, Ripple’s move into UAE, thanks to its partnership with DIFC, is set to reshape how we handle money across the continent.
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