- Ripple and DIFC Innovation Hub Partnership
- Ripple's Commitment: 1 Billion XRP
- DIFC's Role in Crypto Innovation in Dubai
Ripple has announced a new partnership with DIFC Innovation Hub to accelerate the development of blockchain technologies and digital assets in the United Arab Emirates (UAE).
Ripple and DIFC Innovation Hub Partnership
The partnership between Ripple and DIFC Innovation Hub aims to accelerate blockchain and cryptocurrency adoption among new and growing companies, as well as strategically position the technology in traditional large institutions. Ripple CEO Brad Garlinghouse said, “The UAE is one of the most advanced jurisdictions in the world offering regulatory clarity for companies licensed to provide virtual asset services and creating an environment where next-generation financial innovations can thrive.”
Ripple's Commitment: 1 Billion XRP
As part of its commitment, Ripple has allocated 1 billion XRP to accelerate the development and deployment of new technologies on the XRP Ledger (XRPL), a decentralized layer-1 blockchain. This commitment includes financial, technical, and business support for developers. Since the announcement of the 1 billion XRP fund at the end of 2021, Ripple has funded over 160 teams from 47 countries building on XRPL.
DIFC's Role in Crypto Innovation in Dubai
Ripple's regional office for the Middle East and Africa (MEA) is located at DIFC. In November 2023, DIFC approved the use of XRP within the Centre. Since then, licensed virtual asset companies within DIFC can integrate XRP into their virtual asset services, fostering blockchain innovation in Dubai. Managing Director for Ripple in the Middle East and Africa Reece Merrick emphasized that the UAE’s progressive approach to fintech and Ripple’s 1 billion XRP fund create fertile ground for innovation in the UAE.
The partnership between Ripple and DIFC Innovation Hub promises to accelerate the adoption of blockchain technologies and digital assets in the UAE, offering significant support to developers and creating new economic values.
Comments