Ripple partners with DIFC Innovation Hub to advance blockchain and digital asset innovation in the UAE, aiming for a stronger presence in the Middle East.
Ripple, a prominent blockchain payments company, has announced a strategic partnership with the DIFC Innovation Hub. The objective of this collaboration is to stimulate innovation in the UAE with respect to blockchain and digital assets. Additionally, the organization intends to fortify its presence in the Middle Eastern market.
The DIFC Innovation Hub, which is acknowledged as the most extensive innovation community in the region, is home to more than 1,000 technology firms, venture capital entities, and regulatory authorities.
The blockchain firm’s expertise will be seamlessly integrated with the dynamic ecosystem of the DIFC Hub through this new alliance. Thus, it will enable the development of blockchain companies in the early stages and establish these technologies in conjunction with more established, conventional institutions.
Brad Garlinghouse, the CEO of the crypto firm, underscored the importance of the UAE’s regulatory framework in promoting innovation.
According to Garlinghouse, the United Arab Emirates is among the most advanced jurisdictions in the world in terms of providing regulatory clarity for licensed firms to provide virtual asset services and cultivating an environment that encourages the growth of the next generation of financial innovation.
Additionally, he underscored the potential of this partnership to accelerate the adoption of blockchain technology. Garlinghouse stated, “Our collaboration with the DIFC Innovation Hub is expected to accelerate the adoption of blockchain technology in the region, as the XRPL remains a prominent blockchain for the region’s start-ups and scaleups that are developing practical use cases.”
This action is a component of Ripple’s overarching strategy to increase its influence in critical global markets by capitalizing on local innovation ecosystems. Additionally, this partnership is expected to expedite the adoption of cryptocurrency and the application of blockchain technology in the Middle East.
Ripple’s pledge of one billion XRP to expedite the development of new global use cases and accelerate development on the XRP Ledger (XRPL) is consistent with this partnership. Developers worldwide will receive financial, technical, and business assistance as a result of this commitment.
The firm has provided funding to more than 160 teams that are engaged in the XRPL since the fund’s announcement in late 2021. In addition, it has expanded to 47 countries, facilitating a wide variety of use cases, including Real World Assets (RWA) and decentralized finance (DeFi).
The partnership’s contribution to Dubai’s status as a global financial and technological capital was underscored by Arif Amiri, the Chief Executive Officer of the Dubai International Financial Centre (DIFC). “Dubai’s ongoing endeavor to establish itself as a premier international hub for finance and business has reached a significant milestone today.” “The strength of our developer community and DIFC’s dedication to promoting technological advancements are emphasized by our partnership with Ripple,” Amiri stated.
Located within the DIFC, the firm’s Middle East and Africa (MEA) regional office is a critical component of this collaboration.
In November 2023, the DIFC authorized the use of XRP within the Centre, thereby enabling licensed virtual asset firms to integrate XRP into their services. By promoting blockchain innovation in Dubai, this milestone is generating new economic value.
The potential of the UAE’s fintech environment was emphasized by Reece Merrick, the blockchain firm’s Managing Director for the Middle East and Africa.
“The UAE’s progressive fintech approach, in conjunction with Ripple’s billion XRP developer fund, establishes a fertile environment for innovation,” Merrick claimed.
