Ripple Partners with DIFC to Boost Blockchain in the UAE

• Ripple partners with DIFC Innovation Hub to boost blockchain and crypto adoption in the UAE.
• The partnership aims to connect developers with DIFC’s vast innovation community of over 1,000 tech firms.
• Ripple commits one billion XRP to support developers and accelerate global blockchain use cases.

Ripple, a prominent enterprise blockchain and crypto solutions provider, has announced a significant partnership with the DIFC Innovation Hub. The collaboration aims to accelerate blockchain and digital asset innovation in the UAE. This partnership connects developers with the DIFC Hub, the largest innovation community in the region.

The Hub hosts over 1,000 tech firms, innovation companies, digital labs, venture capital firms, regulators, and educational entities. Ripple and DIFC aim to drive blockchain and crypto adoption among early-stage companies and scale-ups.

Brad Garlinghouse, Ripple’s CEO, highlighted the UAE’s regulatory clarity for virtual asset services. He emphasized the country’s environment for financial innovation. He stated,

“The UAE is one of the most advanced jurisdictions globally. Our partnership with the DIFC Innovation Hub promises to drive blockchain adoption in the region. The XRPL continues to lead for start-ups and scale-ups building real use cases.

Ripple has committed one billion XRP to accelerate development on the XRP Ledger (XRPL). This decentralized, layer 1 blockchain will receive financial, technical, and business support. Since the announcement of the 1B XRP Fund in 2021, Ripple has funded over 160 teams. These teams span 47 countries and cover a wide range of use cases. These include decentralized finance (DeFi), Real World Assets (RWA), and other innovative solutions.

Arif Amiri, DIFC’s CEO, praised the partnership. He called it a milestone in Dubai’s journey to become a leading international business and finance center. Amiri stated,“Today marks a significant milestone in Dubai’s ongoing journey,” adding,

Our partnership with Ripple underscores the strength of our developer community. The collaboration cements DIFC’s role as a global hub for talent, tech, and innovation. We enhance our ecosystem, powered by a world-class regulatory jurisdiction, to drive the future of finance.

Ripple’s Middle East and Africa (MEA) office is located in the DIFC. In November 2023, DIFC approved XRP for use within the Centre. Licensed virtual asset firms in the DIFC can now incorporate XRP into their services. This milestone fosters blockchain innovation in Dubai, generating new economic value. Reece Merrick, Ripple’s Managing Director for MEA, highlighted the UAE’s progressive approach to fintech. He said the billion XRP developer fund creates fertile ground for innovation.