New Ripple-DIFC Partnership Aims to Boost Blockchain in the UAE

On Aug 7, 2024

Ripple partners with the DIFC Innovation Hub to boost blockchain innovation in the UAE.
The XRP Ledger testnet reset is scheduled for August 19 to enhance platform stability.

Recently, Ripple announced plans to collaborate with the DIFC Innovation Hub, a fast growing innovation environment at the Dubai International Financial Centre (DIFC).

This collaboration seeks to accelerate digital asset and blockchain innovation in the UAE by linking the next generation of developers to the DIFC Innovation Hub. Collin Brown, a blockchain researcher, expressed enthusiasm at this development, claiming that the UAE is rising as a fintech powerhouse.

🌟 Big news! Ripple’s new partnership with DIFC Innovation Hub is set to supercharge blockchain innovation in the UAE. 🚀 With 1 billion XRP committed, expect exciting advancements and a boost for global developers. 💡 The UAE is rising as a fintech powerhouse! 🌐… pic.twitter.com/LuWMwKRxdk
— Collin Brown (@CollinBrownXRP) August 7, 2024

Ripple’s Strategic Partnership with DIFC Hub Drives UAE Blockchain Adoption

The Hub is the region’s greatest innovation hub, encompassing innovative enterprises, digital labs, venture capital firms, regulators, and educational institutions.

Furthermore, this relationship will allow for the promotion of blockchain and cryptocurrency adoption among early-stage and scaled-up firms, as well as the introduction and positioning of the technology with traditional, significant key institutions and their use cases.

Ripple’s CEO, Brad Garlinghouse, said: “The UAE is one of the most advanced jurisdictions globally when it comes to offering regulatory clarity for licensed firms to offer virtual asset services and fostering an environment in which the next generation of financial innovation can flourish.”

The Ripple Middle East and Africa (MEA) regional office is based in the DIFC. In November 2023, the DIFC approved the use of XRP within the Center.

Since then, licensed virtual asset enterprises in the DIFC have been able to integrate XRP into their virtual asset services. This milestone creates new economic value by encouraging blockchain innovation in Dubai. Arif Amiri, DIFC Chief Executive Officer, stated:

“Today marks another milestone in DIFC’s ongoing journey to help facilitate growth and equip the next generation of leaders with everything they need to succeed. The Ripple collaboration further cements DIFC’s role as a leading global hub for talent, technology, and innovation, as we continue to enhance our ecosystem, powered by a world-class regulatory jurisdiction, to drive the future of finance.”

Previously, CNF announced that the XRP Ledger testnet would be reset on August 19. This reset seeks to improve platform stability and efficiency, resulting in a more resilient environment for developers. RippleX is currently investigating the incorporation of Ethereum Virtual Machine features into XRPL.

On the other hand, as we previously reported, FedNow, which was promoted as a “crypto killer,” has failed to have a meaningful influence on XRP and the broader crypto ecosystem.

Despite tremendous progress in the traditional payment sector, FedNow’s impact on the cryptocurrency market is negligible. Meanwhile, the price of the Ripple token, XRP, is currently around $0.5164, up 3.17% over the last 24 hours.