Ripple Labs announced its partnership with the DIFC Innovation Hub, which is part of the Dubai International Financial Centre. The partnership aims to increase the use of digital assets and blockchain technologies in the UAE, the Middle East, Africa, and South Asia (MEASA) region.
The announcement made by Ripple on Wednesday disclosed the partnership between Ripple Lab and the DIFC Innovation Hub. The Innovation Hub is made up of 1000 tech firms, including educational institutions, regulators, innovation companies, venture capital entities, and tech firms at various growth stages.
The partnership, according to Ripple, will use the budding network further to promote blockchain technology integration in the UAE region while also expanding to other markets.
Ripple reveals partnership details
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
According to the announcement, Ripple will commit to allocating one billion XRP tokens. The tokens will be used to facilitate the development of applications on the XRP Ledger (XRPL), the decentralized layer 1 blockchain on a global scale.
The announcement comes after Ripple’s MEA regional office, located within the DIFC, had previously achieved some milestones. In 2023, the DIFC approved XRP use within its jurisdiction. The approval allowed the operation of licensed virtual asset firms that use XRP when providing their services.
As per the announcement, the initiative has already provided support for over 160 firms. The support resulted in the creation of multiple applications, including coverage for real-world assets and decentralized finance (DeFi).
The partnership allows companies to adopt these blockchain applications and assets at the early stage and during scale-ups. Ripple believes that the adoption will also introduce and incorporate the technology into traditional large strategic institutions.
Reece Merrick, Ripple’s Managing Director for the Middle East and Africa, stated that the partnership facilitates the realization of FinTech’s transformative potential. Merrick praised the UAE’s approach to FinTech, saying that the added support from Ripple’s billion XRP developer fund would result in even more innovations in the UAE. He also said that the partnership will support the development of the region’s talent to create the next generation of financial solutions on the XRP Ledger.
DIFC officials also commented on the partnership.
Arif Amiri, CEO of DIFC said, “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.” He also mentioned that the partnership positioned the DIFC as a global leader in being a hub of technological and talent innovation.
Mohammad Alblooshi, CEO of the DIFC Innovation Hub, also affirmed that the partnership would be beneficial for the hub’s growing community of innovation and FinTech firms. Ablooshi added that the partnership would turn ideas into reality by providing funding and support for the blockchain and cryptocurrency sectors.
