Ripple Labs has formed a partnership with the DIFC Innovation Hub, which is a part of the Dubai International Financial Centre (DIFC).
The purpose of this partnership is to advance the use of blockchain technology and digital assets in the United Arab Emirates (UAE) and the Middle East, Africa, and South Asia (MEASA) area.
The DIFC Innovation Hub is the most extensive innovation ecosystem in the region, accommodating more than 1,000 technology enterprises, venture capital agencies, and educational institutions.
The cooperation seeks to utilize this network to advance the adoption of blockchain technology in both well-established and new financial markets, possibly revolutionizing the financial landscape of the area.
Brad Garlinghouse, the CEO of Ripple, conveyed his excitement regarding the potential influence of this collaboration, emphasizing the UAE’s comprehensive and well-defined regulations for virtual asset services, as well as its position as a prominent hub for startups and scale-ups working on practical applications.
Ripple has committed to allocating one billion XRP tokens to assist with global applications on the XRP Ledger, benefiting more than 160 teams throughout the globe.
Arif Amiri, the CEO of DIFC, highlighted the strategic significance of this partnership, affirming that it enhances DIFC’s position as a worldwide center for skilled individuals, technology, and innovation.
Ripple’s Middle East and Africa (MEA) regional office, located in the Dubai International Financial Centre (DIFC), has accomplished noteworthy achievements, one of which is obtaining approval for the usage of XRP within the Centre in November 2023.
Mohammad Alblooshi, the CEO of the DIFC Innovation Hub, conveyed his enthusiasm over the advantages of the relationship, assuring that groundbreaking advancements in blockchain and cryptocurrency will receive the necessary funding and assistance to transform concepts into reality.
The collaboration is anticipated to greatly propel the fintech sector in the region, establishing the UAE as a frontrunner in this field and facilitating the development of innovative financial solutions.
Recently, Ripple Labs settled with the US SEC, agreeing to pay a penalty of $125 million for selling its XRP token without proper registration.
