DIFC and Ripple Collaboration Aims to Drive Blockchain Adoption in UAE
Ripple has announced a strategic partnership with DIFC Innovation Hub. This collaboration aims to accelerate blockchain and digital assets innovation in the UAE.
The partnership will connect developers with the DIFC Innovation Hub, the largest innovation community in the region. This community is home to more than 1,000 tech firms, digital labs, venture capital firms, and educational entities.
Boosting Blockchain Adoption
The partnership will drive blockchain and crypto adoption among early-stage companies and scale-ups. It will also introduce these technologies to traditional large institutions and their use cases.
“The UAE is one of the most advanced jurisdictions globally in offering regulatory clarity for virtual asset services,” said Brad Garlinghouse, Ripple CEO. “Our partnership with the DIFC Innovation Hub promises to drive blockchain technology adoption in the region.”
Ripple has committed one billion XRP to accelerate development and new global use cases on the XRP Ledger (XRPL). Since announcing the 1B XRP Fund in late 2021, Ripple has funded over 160 teams building on the XRPL, reaching more than 45 countries.
A Thriving Innovation Ecosystem
Arif Amiri, CEO of DIFC Authority, stated, “Today marks another milestone in DIFC’s journey to help growth and equip the next generation of leaders. The Ripple collaboration cements DIFC’s role as a leading global hub for talent, technology, and innovation.”
The Ripple Middle East and Africa (MEA) regional office is located within DIFC. In November 2023, DIFC approved XRP for use within the Centre, allowing licensed virtual asset firms within DIFC to incorporate XRP into their services. This approval is generating new economic value by fostering blockchain innovation in Dubai.
Mohammad Alblooshi, CEO of DIFC Innovation Hub, added, “We are thrilled to see the Ripple effect manifesting at the DIFC Innovation Hub. The agreement will ensure innovative development in blockchain and cryptocurrency sectors.”
“The UAE’s progressive approach to FinTech, coupled with Ripple’s billion XRP developer fund, creates fertile ground for innovation in the UAE,” said Reece Merrick, Ripple Managing Director, MEA. “Our collaboration with DIFC will empower regional talent to build next-generation financial solutions on the XRP Ledger.”
Ripple’s Global Impact
Ripple’s payment and custody infrastructure has experienced global growth, with payment solutions available in more than 80 markets. Additionally, Ripple plans to launch a USD-backed stablecoin to bring more liquidity to the XRPL.
