Bitrabo Editorial
Ripple Labs has teamed up with the DIFC Innovation Hub, a part of the Dubai International Financial Centre, to boost the adoption and advancement of blockchain technology and digital assets across the UAE and potentially throughout the Middle East, Africa, and South Asia (MEASA) region.
Partnership Between Ripple and DIFC Innovation Hub
Brad Garlinghouse, CEO of Ripple, voiced his excitement about the partnership’s potential impact, emphasizing the UAE’s clarity in regulations for firms providing virtual asset services as a key factor in fostering financial innovation in the region.
Ripple has allocated one billion XRP tokens to support the development of new global applications on the XRP Ledger (XRPL), aiding over 160 teams worldwide in creating diverse applications from decentralized finance (DeFi) to Real World Assets (RWA).
The CEO of DIFC, Arif Amiri, highlighted the strategic importance of this collaboration in enhancing the region’s financial technology landscape and nurturing talent and innovation to drive growth.
The Ripple MEA regional office, based in the DIFC, has achieved significant milestones, including DIFC’s approval of XRP for use within the Centre, enabling licensed virtual asset firms to incorporate XRP into their services.
Mohammad Alblooshi, CEO of the DIFC Innovation Hub, emphasized the partnership’s benefits for the FinTech and Innovation community, ensuring the necessary support for innovative developments in blockchain and cryptocurrency sectors to materialize.
Reece Merrick, Ripple’s Managing Director for the Middle East and Africa, highlighted the collaborative potential in fostering innovation in the UAE’s fintech landscape, enabling regional talent to create cutting-edge financial solutions on the XRP Ledger.
Currently, XRP is trading at $0.5167.