Ripple has announced a new collaboration with the DIFC Innovation Hub in Dubai to enhance blockchain innovation within the UAE. The DIFC Innovation Hub, which hosts over 1,000 tech firms, digital labs, venture capitalists, and other key industry players, will serve as a focal point for this initiative.
The partnership aims to support both emerging blockchain and cryptocurrency startups and established large organisations looking to integrate these technologies into their operations.
Ripple’s Ongoing Commitment
This partnership builds on Ripple’s previous commitments, including a 2021 pledge to invest 1 billion XRP in promoting the use of the XRP Ledger (XRPL) globally. Ripple has assisted over 160 teams across 47 countries with financial, technical, and business support.
XRP’s Role and Regulatory Approval
Dubai's DIFC has approved the use of XRP starting from November 2023, allowing licensed virtual asset firms within the centre to incorporate XRP into their services. Additionally, Dubai will host Ripple’s Swell conference, further solidifying the city’s role as a significant player in the global fintech landscape.
Impact on UAE and Ripple
This partnership is expected to bolster the UAE’s position as a leading fintech hub and increase Ripple’s influence in the financial sector. XRP’s recognition is set to grow, opening new avenues for adoption and integration.