Ripple, a leading blockchain payments company, has announced a significant expansion in the United Arab Emirates (UAE) through new licenses and partnerships.
Ripple's New Partnerships in UAE
The company has secured a DFSA license, allowing it to provide regulated digital asset services in Dubai's financial hub. Partnerships with Zand Bank and Mamo open up opportunities for implementing advanced payment solutions.
Zand Bank's Stablecoin Launch
Zand Bank, a digital-first institution in the UAE, plans to use Ripple's technology to enhance its payment systems. As part of this partnership, a stablecoin backed by the UAE dirham is set to launch, strengthening Zand Bank's position in the digital currency space.
Market Impact on XRP
Following the partnership news, price fluctuations on the market are expected. Specifically, XRP price dropped by 3.5% recently. Increased usage of Ripple for international transactions might result in heightened institutional interest in the region. Mamo's CEO, Imad Gharazeddine, stated, "We can now scale faster and more securely," expressing confidence in Ripple’s system.
Ripple's expansion in the UAE demonstrates the growing interest in digital assets in the region, which could also impact future volumes of XRP usage for transactions.
