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Ripple Announces Partnership with DIFC

Source Livebitcoinnews

Ripple, a leader in enterprise blockchain and cryptocurrency solutions, has announced a new partnership with the Dubai International Financial Centre (DIFC). This collaboration aims to boost blockchain and digital asset innovation in the UAE. The DIFC Innovation Hub is a key player in Dubai’s innovation development, hosting over 1,000 tech firms, digital labs, and venture capitalists.

The partnership will enable Ripple to access the DIFC’s diverse base of developers and innovative firms. It is intended for early-stage startups and traditional institutions to increase the use of blockchain technology among themselves. Ripple’s CEO, Brad Garlinghouse noted that the UAE has a progressive regulatory system that allows virtual asset services and encourages financial solutions.

Specifically, Ripple has set aside one billion XRP for the development of the XRP Ledger (XRPL), its decentralized blockchain. This commitment will offer funding, technology, and business assistance to developers. Since the start of the XRP Fund in late 2021, Ripple has backed over 160 projects across 47 different countries, and for various applications, including decentralized finance, real-world assets, and more.

DIFC CEO Welcomes Ripple Partnership as a Boost for Innovation

Arif Amiri, the CEO of DIFC, echoed such sentiments saying that the partnership was perfect for DIFC as it seeks to foster and prepare emerging talents in finance and technology. It also strengthens DIFC’s position as a global cluster for innovation and superior regulatory standards.

Ripple’s Middle East and Africa office is located in the DIFC and in November of 2023, the DIFC allowed XRP for use by licensed virtual asset firms. This development is likely to fuel the advancement of more blockchain solutions in Dubai.

The CEO of the DIFC Innovation Hub, Mohammad Alblooshi, stated that he was very much looking forward to the collaboration, as it would bring a lot of benefits to the fintech and innovation industry. Similarly, Ripple’s Managing Director for the Middle East and Africa, Reece Merrick, noted that the UAE possesses an open-minded attitude toward fintech and that the obtained funding will contribute to the further development of financial solutions in this region.

Ultimately, Ripple is solving cross-border payment issues with blockchain and has taken its payment services to a global scale, now operating in over 80 markets. It is also developing a stablecoin linked to the US dollar and enhancing the XRPL with features.

The post Ripple Announces Partnership with DIFC appeared first on Live Bitcoin News.

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