Ripple (XRP) Inks a Strategic Deal in the Middle East: Details
TL;DR
- Ripple is partnering with the Dubai International Financial Center (DIFC) to enhance blockchain and crypto innovation in the UAE, focusing on early-stage companies and scale-ups.
- This collaboration is seen as a significant milestone for the DIFC, enhancing its role as a global hub for talent and tech.
Ripple and Dubai
Ripple plans to strengthen its global presence by partnering with the Dubai International Financial Center (DIFC). The DIFC is a special economic zone in the city established as a financial hub for businesses operating throughout the Middle East, Africa, and South Asia. It is regulated by the Dubai Financial Services Authority and offers clients a 50-year guarantee of zero taxes on corporate income and profits.
The upcoming collaboration aims to increase crypto adoption amongst early-stage companies and scale-ups as well as introduce the benefits of blockchain technology to entities part of the zone. Speaking on the matter was Ripple’s CEO – Brad Garlinghouse – who described the UAE as “one of the most advanced jurisdictions globally” when it comes to offering regulatory clarity for licensed companies to offer crypto services.
“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 scaleups building real use cases,” he added.
In 2021, Ripple unveiled a 1 billion XRP fund to foster the development and new global use cases of the XRP Ledger (XRPL). So far, the company has funded more than 160 teams building on the XRPL, reaching 47 countries.
Arif Amiri – CEO of the DIFC – highlighted the deal with Ripple as a “significant milestone” that “further cements DIFC’s role as a leading global hub for talent, tech, and innovation.”
It is interesting to note that Ripple’s Middle East and Africa (MEA) regional office is located within the Dubai International Financial Center. Less than a year ago, the zone approved XRP for use, meaning licensed crypto firms operating within can incorporate the token into their services.
Reece Merric – Ripple Managing Director, Middle East and Africa – believes the UAE’s progressive approach to fintech combined with Ripple’s XRP fund could create “a fertile ground for innovation” in the region.
“Our new collaboration with the DIFC will empower regional talent to build the next generation of financial solutions on the XRP Ledger, solidifying the UAE’s position as a leading fintech hub globally,” he claimed.
XRP Price Outlook
The price of Ripple’s native token, alongside the rest of the crypto market, was severely damaged during the broader crash on Monday. However, XRP managed to recover some of the losses and currently sits close to $0.6.
This is because the total market cap regained over $300 billion since the low charted on Monday. XRP has been at the forefront of the gains, following the latest developments on the Ripple vs. the SEC front, where a judge ordered the company to pain a $125 million fine, instead of the $2 billion the agency requested.
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