On 2 August 2024, Ripple, a leading provider of enterprise blockchain and crypto solutions, announced its partnership with the DIFC Innovation Hub, a key innovation ecosystem within the Dubai International Financial Centre (DIFC). This strategic collaboration aims to accelerate blockchain and digital asset innovation in the UAE, marking a significant step in the region’s fintech development.
The new partnership will connect the next generation of developers with the DIFC Innovation Hub, which hosts over 1,000 growth-stage tech firms, innovation companies, digital labs, venture capital firms, regulators, and educational entities. This initiative is designed to drive blockchain and crypto adoption among early-stage companies and scale-ups, while also introducing and positioning the technology with traditional large strategic institutions.
Ripple has committed one billion XRP to accelerate development and new global use cases on the XRP Ledger (XRPL), the decentralized, layer-1 blockchain. This commitment will provide financial, technical, and business support to developers. Since announcing the 1B XRP Fund in late 2021, Ripple has funded over 160 teams building on the XRPL across 47 countries, spanning a wide range of use cases from decentralized finance (DeFi) to real-world assets (RWA).
Arif Amiri, CEO of DIFC Authority, remarked, “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.”
Brad Garlinghouse, Ripple CEO, emphasized, “The UAE is one of the most advanced jurisdictions globally in offering regulatory clarity for licensed firms to provide virtual asset services. Our partnership with the DIFC Innovation Hub promises to drive the adoption of blockchain technology in the region.”
The Ripple Middle East and Africa (MEA) regional office, located within DIFC, saw XRP approved for use within the Centre in November 2023. Licensed virtual asset firms within DIFC can now incorporate XRP into their services, fostering blockchain innovation in Dubai.
Mohammad Alblooshi, CEO of the DIFC Innovation Hub, expressed enthusiasm for the partnership, noting, “We are thrilled to see the Ripple effect manifesting itself at the DIFC Innovation Hub, benefiting our growing community of fintech firms. This agreement ensures that innovative development in the blockchain and cryptocurrency sectors receives the funding and support needed to turn new ideas into impactful realities.”
Looking ahead, Ripple plans to launch a USD-backed stablecoin to bring more liquidity to the XRPL and continues to support improvements to the XRPL, including the recent AMM Amendment. This partnership with DIFC is expected to empower regional talent and solidify the UAE’s position as a leading fintech hub globally, creating a fertile ground for further innovation in the blockchain and digital asset sectors.
(Source: https://mediaoffice.ae/en/news/2024/august/08-08/difc-ripple-to-accelerate)
