Dubai, Tuesday, August 12, 2024 – Ripple, a major player in blockchain and crypto solutions, has forged a partnership with the Dubai International Financial Center (DIFC) to accelerate blockchain adoption in the United Arab Emirates. The deal will focus on nurturing early-stage tech firms and scaling up blockchain initiatives.
The partnership aims to increase cryptocurrency use among startups and introduce blockchain technology to established businesses in the region. Ripple CEO Brad Garlinghouse praised the UAE for its supportive regulatory environment for crypto firms.
The DIFC, a financial hub for the Middle East, Africa, and South Asia, has been a key player in the region’s fintech landscape.
The partnership with Ripple is seen as a major step in solidifying its position as a global tech and innovation center.
Ripple has committed $1 billion to support development on its XRP Ledger blockchain and has funded over 160 projects worldwide.
The company’s Middle East office is already based in the DIFC, which approved XRP for use by licensed crypto firms last year.
The Dubai International Financial Center (DIFC) is a leading global financial hub that serves as a platform for businesses operating across the Middle East, Africa, and South Asia.
With its business-friendly environment, including tax incentives and a robust regulatory framework, the DIFC has attracted a thriving community of financial institutions, technology companies, and investors.
