Ripple has announced its new partnership with Dubai International Financial Centre (DIFC) Innovation Hub, to lead the adoption of blockchain and crypto in the Middle East.
Dubai: Ripple with DIFC to accelerate the adoption of blockchain in the Middle East
Ripple has formed a new partnership with the Dubai International Financial Centre (DIFC) Innovation Hub, with the goal of accelerating blockchain adoption throughout the Middle East.
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
“We are collaborating with @InnovHubDIFC to accelerate blockchain innovation in the United Arab Emirates! Together, we are driving the adoption of blockchain among startups and scale-ups, shaping the future of finance with the #XRPLedger.”
The idea is to connect the next generation of developers with the DIFC Innovation Hub, the largest innovation community in the region and home to over 1,000 growing tech companies.
Specifically, the partnership will provide the means to drive the adoption of blockchain and cryptocurrencies among startup e scale-up. Not only that, another goal is to introduce and position the technology with the large traditional strategic institutions and their use cases.
Note that the regional office of Ripple for the Middle East and Africa (MEA) is located right within the DIFC. Last November 2023, the DIFC approved the use of XRP within the Center.
Dubai: Ripple and its mission to accelerate blockchain adoption in the Middle East
Ripple has committed one billion XRP to accelerate development and new global use cases on XRP Ledger (XRPL), the first-level decentralized blockchain.
Now his commitment together with DIFC is to support the growth of the blockchain sector also in the Middle East.
In this regard, Brad Garlinghouse, CEO of Ripple, commented:
“The United Arab Emirates is one of the most advanced jurisdictions globally when it comes to offering regulatory clarity for businesses authorized to offer virtual asset services and promoting an environment where the next generation of financial innovation can flourish. 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 scale-ups building real use cases”.
Since the launch of its 1 billion XRP fund at the end of 2021, Ripple has funded more than 160 teams building on XRPL, reaching more than 45 countries to date. XRPL is tested in a wide range of use cases that span from decentralized finance (DeFi), to Real World Assets (RWA) and other new revolutionary solutions.
The XRPL fund for Japan and Korea and the price of XRP
Also in this 2024, Ripple announced a new XRPL fund Japan and Korea, with the goal of supporting the innovation of the XRP Ledger for those markets.
Specifically, the amount dedicated to this fund is tens of millions of dollars. This amount is also part of the 1 billion XRP fund from 2021.
Speaking of XRP, however, as of today the price of the seventh crypto by market cap is $0.51, still in a dump of -20% compared to seven days ago.
This bearish trend started last weekend, also led Bitcoin (BTC) to drop in price, reaching as low as $49,000. At the time of writing, BTC is worth $57,500.
