Ripple’s CEO stated that their new partnership with the DIFC Innovation Hub will help boost blockchain technology in the region. Ripple is teaming up with the Dubai International Financial Center (DIFC) to support blockchain and crypto innovation in the UAE, particularly for early-stage companies and scale-ups.
This collaboration is a major milestone for the DIFC, strengthening its position as a global hub for talent and technology.
Ripple Partners with DIFC to Boost Blockchain Adoption in the Middle East
Ripple is set to enhance its global presence through a partnership with the Dubai International Financial Center (DIFC). The DIFC, a special economic zone in Dubai, serves as a financial hub for businesses across the Middle East, Africa, and South Asia. Regulated by the Dubai Financial Services Authority, the DIFC offers a 50-year guarantee of zero taxes on corporate income and profits.
The collaboration aims to increase crypto adoption among early-stage companies and scale-ups and to introduce blockchain technology benefits to entities within the DIFC. Ripple’s CEO, Brad Garlinghouse, praised the UAE for its regulatory clarity and described it as one of the most advanced jurisdictions for offering crypto services.
Garlinghouse highlighted that the partnership with the DIFC Innovation Hub will promote blockchain technology in the region, with the XRP Ledger (XRPL) continuing to lead as a blockchain for start-ups and scale-ups. In 2021, Ripple launched a $1 billion XRP fund to support XRPL development and global use cases, funding over 160 teams in 47 countries.
Arif Amiri, CEO of the DIFC, called the deal with Ripple a significant milestone, reinforcing DIFC’s role as a leading global hub for talent, tech, and innovation. Ripple’s Middle East and Africa (MEA) regional office is based within the DIFC, and less than a year ago, the zone approved XRP for use by licensed crypto firms.
Reece Merric, Ripple’s Managing Director for the MEA region, believes that the UAE’s progressive fintech approach, combined with Ripple’s XRP fund, will create a fertile ground for innovation. He noted that the new collaboration will empower regional talent to develop next-generation financial solutions on the XRP Ledger, further establishing the UAE as a leading global fintech hub.
Ripple (XRP) Recovers Amid Market Bounce and Legal News
Ripple’s native token, XRP, along with the broader crypto market, suffered significant losses during the crash on Monday. Despite this, XRP has managed to recover some of those losses and is currently trading near $0.60.
The recovery in XRP’s price is part of a larger market rebound, with the total cryptocurrency market cap regaining over $300 billion since Monday’s lows. XRP has led the way in these gains, buoyed by recent developments in its legal battle with the SEC. A judge recently ruled that Ripple must pay a $125 million fine, significantly less than the $2 billion originally sought by the SEC.
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