Ripple (XRP) signs strategic deal in Middle East: details

TL;DR

Ripple has partnered with the Dubai International Financial Center (DIFC) to enhance blockchain and crypto innovation in the UAE, focusing on early-stage companies and scale-ups. This collaboration is seen as an important milestone for the DIFC, enhancing its role as a global hub for talent and technology. Ripple and Dubai

Ripple plans to strengthen its global presence by partnering with the Dubai International Financial Center (DIFC). The DIFC is a special economic zone in the city established as a financial center for companies operating throughout the Middle East, Africa and South Asia. It is regulated by the Dubai Financial Services Authority and offers clients a 50-year guarantee of zero tax on corporate income and profits.

The upcoming collaboration aims to increase crypto adoption among early-stage and scale-up companies, as well as introduce the benefits of blockchain technology to entities in the area. Speaking on the matter, Ripple CEO Brad Garlinghouse described the UAE as “one of the most advanced jurisdictions in the world” in providing regulatory clarity for licensed companies to offer services cryptographic

“Our partnership with the DIFC Innovation Hub promises to drive the adoption of blockchain technology in the region as XRPL continues to be a leading blockchain for start-ups and scaleups in the region creating use cases real,” he added.

In 2021, Ripple introduced a 1 billion XRP fund to encourage the development and new global use cases of the XRP Ledger (XRPL). To date, the company has funded more than 160 teams based on the XRPL, reaching 47 countries.

Arif Amiri, CEO of DIFC, highlighted the deal with Ripple as a “significant milestone” that “further cements DIFC’s role as a leading global hub for talent, technology and innovation”.

It is interesting to note that Ripple’s Middle East and Africa (MEA) regional office is located in the Dubai International Financial Centre. Less than a year ago, the zone approved XRP for use, meaning licensed crypto companies operating there can incorporate the token into their services.

Reece Merric, CEO of Ripple, Middle East and Africa, believes that the UAE’s progressive approach to fintech combined with Ripple’s XRP fund could create “fertile ground for innovation” in the region.

“Our new collaboration with the DIFC will empower regional talent to build the next generation of financial solutions on the XRP Ledger, cementing the UAE’s position as a leading global fintech hub,” he stated.

XRP Price Outlook

The price of Ripple’s native token, along with the rest of the crypto market, was severely damaged during Monday’s broader crash. However, XRP managed to recoup some of the losses and is currently hovering around $0.6.

That’s because the total market capitalization recovered more than $300 billion from Monday’s low. XRP has been leading the gains, following the latest developments in the Ripple vs SEC front, where a judge ordered the company to pay a fine of $125 million, instead of the $2 billion sought by the agency .

SPECIAL OFFER (Sponsored) Binance Free $600 (Exclusive to CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

2024 LIMITED OFFER on BYDFi Exchange – Up to $2888 Welcome Reward, Use this link to register and open a 100 USDT-M position for free!