Ripple Partners With DIFC Innovation Hub to Accelerate UAE Blockchain and Crypto Adoption

Ripple, the blockchain and crypto solution provider, is partnering with the Dubai International Financial Centre’s (DIFC) Innovation Hub, to accelerate blockchain and digital assets innovation in the UAE.

Through the new partnership, Ripple and the DIFC Innovation Hub aim to jointly drive blockchain and crypto adoption amongst early-stage companies and scale-ups, while introducing and positioning the technology with traditional large strategic institutions and their use cases.

The new partnership will connect the next generation of developers with the DIFC Innovation Hub, the largest innovation community in the region and home to over 1,000 growth-stage tech firms, innovation companies, digital labs, venture capital firms, regulators and educational entities.

Ripple has committed one billion XRP to accelerate development and new global use cases on the XRP Ledger (XRPL), the decentralised, layer 1 blockchain. It also plans to provide financial, technical, and business support to developers.

Brad Garlinghouse, CEO of Ripple

“The UAE is one of the most advanced jurisdictions globally when it comes to offering regulatory clarity for licensed firms to offer virtual asset services and fostering an environment in which the next generation of financial innovation can flourish,” said Brad Garlinghouse, chief executive officer at Ripple. “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 scale-ups building real use cases.”

“The UAE’s progressive approach to fintech, coupled with Ripple’s billion XRP developer fund, creates a fertile ground for innovation in the UAE,” explained Reece Merrick, managing director for Middle East and Africa at Ripple. “Our new collaboration with 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.”

Backing crypto and blockchain firms with funding and support

Ripple’s Middle East and Africa (MEA) regional office is located within DIFC and in November 2023 DIFC approved XRP for use within the Centre. Following this, licensed virtual asset firms within DIFC can incorporate XRP into their virtual asset services.

“[This partnership] 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,” explained Arif Amiri, CEO of the DIFC Authority. “The Ripple collaboration further cements DIFC’s role as a leading global hub for talent, technology and innovation, as we continue to enhance our ecosystem powered by a world-class regulatory jurisdiction, to drive the future of finance.”

Mohammad Alblooshi, CEO of the DIFC Innovation Hub, added: “We are thrilled to literally see the Ripple effect manifesting itself at the DIFC Innovation Hub for the benefit of our growing community of fintech firms. The agreement will also ensure that innovative development in the blockchain and cryptocurrency sectors have the funding and industry-leading support required to turn new ideas into a tangible and impactful reality.”

Ripple’s payment solutions are available in over 80 payout markets, representing over 90 per cent of the global foreign exchange market, and live custody offerings in 20 jurisdictions.

Ripple also recently announced plans to launch a USD-backed stablecoin to bring more liquidity to the XRPL and has supported improvements to the XRPL including the recent AMM Amendment.

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