Ripple Labs has announced a partnership with the DIFC Innovation Hub, part of the Dubai International Financial Centre, as of Wednesday. This collaboration aims to advance blockchain technology and digital assets within the UAE and potentially across the Middle East, Africa, and South Asia (MEASA) region.
The DIFC Innovation Hub, recognized as the largest innovation ecosystem in the area, houses over 1,000 tech firms at various stages of growth, along with venture capital entities and educational institutions. The partnership is set to utilize this network to further blockchain integration in both established and emerging financial markets.
Ripple’s CEO, Brad Garlinghouse, expressed enthusiasm about the potential of the partnership: “The UAE stands out globally for its regulatory clarity in virtual asset services and its support for innovative financial solutions,” he stated. He added that the collaboration with the DIFC Innovation Hub aims to boost the adoption of blockchain technology, with the XRPL being a key platform for regional start-ups and scale-ups.
Ripple is committing one billion XRP tokens to support the development of new global applications on the XRP Ledger (XRPL). This initiative has already assisted over 160 teams worldwide, supporting a range of applications from decentralized finance (DeFi) to Real World Assets (RWA).
Arif Amiri, CEO of DIFC, highlighted the importance of the alliance for the region’s financial technology sector: “This partnership marks another milestone in DIFC’s mission to foster growth and equip emerging leaders. The collaboration with Ripple strengthens DIFC’s position as a leading global hub for talent and innovation,” he remarked.
Ripple’s MEA regional office in the DIFC recently achieved a significant milestone with the DIFC’s approval of XRP for use within the Centre as of November 2023. This approval allows licensed virtual asset firms within the DIFC to integrate XRP into their services.
Mohammad Alblooshi, CEO of the DIFC Innovation Hub, expressed excitement about the partnership’s impact: “We are eager to see the Ripple effect at the DIFC Innovation Hub, benefiting our expanding community of FinTech and innovation firms. The agreement will provide the necessary funding and support for blockchain and cryptocurrency innovations to turn new ideas into impactful realities.”
Reece Merrick, Ripple’s Managing Director for the Middle East and Africa, summarized the collaboration’s potential: “The UAE’s progressive fintech environment, combined with Ripple’s billion XRP developer fund, sets the stage for innovation. Our partnership with the DIFC will enable regional talent to develop the next generation of financial solutions on the XRP Ledger, enhancing the UAE’s global fintech standing.”
As of the latest update, XRP was trading at $0.5167.
