Ripple announced it has teamed up with the DIFC Innovation Hub in Dubai to drive blockchain innovation in the UAE through the Centre’s Innovation Hub as home to over 1,000 tech firms, digital labs, venture capital firms and other key players in the sector.
The partnership is aimed largely at early-stage companies adopting blockchain and cryptocurrency into their processes. However, it is also intended to work with traditional large organizations to facilitate the use of these technologies.
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
The partnership with DIFC for Ripple can be called a natural sequel to the crypto company’s previous initiatives. In 2021, it pledged and invested 1 billion XRP in the development and use of XRPL around the world. This is about providing developers with the financial, technical and business support they need to succeed in a given field.
As a result, if the report is to be believed, Ripple has so far helped over 160 teams in 47 countries.
Win, win, win
As for Dubai, in addition to the city becoming the latest venue for the Ripple Swell conference, the DIFC has already given the green light to use XRP from November 2023. This means that licensed virtual asset firms registered with the center can now include XRP in their services.
To sum up, the partnership should strengthen the UAE’s position as a global fintech hub, while Ripple should become even more entrenched in one of the world’s financial centers. XRP, meanwhile, will gain greater recognition and open up new corridors of adoption.