Just-In: Ripple Boosts UAE Crypto Adoption With Major Partnership (2024)

The leading blockchain firm, Ripple, announced a strategic partnership with DIFC Innovation on Wednesday, August 7, fueling market interest. This partnership primarily focuses on enhancing blockchain and digital asset innovation within the UAE. Besides, this also marks a significant milestone for the blockchain firm in its expansion in the Middle East market.

About The Latest Ripple Partnership

The DIFC Innovation Hub, recognized as the largest innovation community in the region, hosts over 1,000 tech firms, venture capital entities, and regulatory bodies. This new alliance will integrate the blockchain firm’s expertise with the dynamic ecosystem of the DIFC Hub. Thus, it will facilitate the growth of early-stage blockchain companies and positioning these technologies with larger, traditional institutions.

The crypto firm’s CEO Brad Garlinghouse highlighted the significance of the UAE’s regulatory landscape in fostering innovation. “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,” Garlinghouse stated.

Moreover, he emphasized the potential of this partnership to enhance blockchain adoption. Garlinghouse noted, “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.”

This move is part of Ripple’s broader strategy to expand its influence in key global markets by leveraging local innovation ecosystems. Moreover, this collaboration promises to accelerate crypto adoption and blockchain technology use cases across the Middle East.

This partnership aligns with Ripple’s commitment of one billion XRP to accelerate development and new global use cases on the XRP Ledger (XRPL). This commitment will provide financial, technical, and business support to developers worldwide.

Following the fund announcement in late 2021, the firm has funded over 160 teams working on the XRPL. In addition, it has reached 47 countries, supporting a diverse range of use cases from decentralized finance (DeFi) to Real World Assets (RWA).

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Other Executive Comments

Arif Amiri, DIFC Chief Executive Officer, highlighted the partnership’s role in advancing Dubai’s position as a global financial and technological 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 said.

The firm’s Middle East and Africa (MEA) regional office, located within the DIFC, plays a pivotal role in this collaboration. In November 2023, the DIFC approved XRP for use within the Centre, allowing licensed virtual asset firms to incorporate XRP into their services. This milestone is fostering new economic value by driving blockchain innovation in Dubai.

Reece Merrick, the blockchain firm’s Managing Director for the Middle East and Africa, highlighted the potential of the UAE’s fintech environment. “The UAE’s progressive approach to fintech, coupled with Ripple’s billion XRP developer fund, creates a fertile ground for innovation in the UAE,” Merrick stated. Amid the ongoing lawsuit and other major developments, this significant partnership has gained notable traction from the XRP community.

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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.