Ripple expands to the UAE through a strategic partnership with DIFC.
A whopping $1 billion XRP fund committed to accelerate blockchain development.
UAE’s crypto-friendly environment attracts Ripple’s expansion efforts.
American fintech firm Ripple has announced partnership with DIFC Innovation Hub, the largest innovation community in the United Arab Emirates (UAE), “to accelerate blockchain and digital assets innovation in the UAE” in an attempt to expand operations outside the United States.
As per an announcement, Ripple will “drive blockchain and crypto adoption amongst early-stage companies and scale-ups” and seeks to introduce the blockchain technology with “traditional large strategic institutions and their use cases.”
We’re partnering with the @InnovHubDIFC to accelerate blockchain innovation in the UAE! Together, we're driving blockchain adoption among startups & scale-ups, shaping the future of finance on the #XRPLedger. https://t.co/fNaIXoJVL0
— RippleX (@RippleXDev) August 7, 2024
Brad Garlinghouse, the chief executive of Ripple, acknowledged that the UAE is one of the most crypto-friendly nations and has a thriving environment for crypto firms and digital asset initiatives to prosper. Garlinghouse stated:
“Our partnership with the DIFC Innovation Hub promises to drive the adoption of blockchain technology in the region as the XRPL continues to be a leading blockchain for the region’s start-ups and scaleups building real use cases.”
Moreover, the CEO of DIFC, Arif Amiri, said that the collaboration between the two entities solidifies the community’s legacy “as a leading global hub for talent, tech and innovation.”
Additionally, the announcement also stated that the American fintech firm has committed a whopping 1 billion XRP tokens “to accelerate development and new global use cases on the XRP Ledger (XRPL).” The fund was announced in 2021 and seeks to provide “financial, technical, and business support.”
The statement said that to date, it has invested in a remarkable 160 projects in over 47 countries. These projects range from decentralized finance (DeFi) to real-world asset tokenization projects.
The collaboration announcement failed to push the prices of XRP higher as the seventh-largest digital asset by market cap is currently trading at $0.5137, down 0.73% in the past 24 hours with a 44.90% decline in trading volume, which stands at $1.5 billion.
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