- Leading cryptocurrency firm Ripple announced a partnership with the DIFC Innovation Hub.
- The XRPL blockchain has shown increased performance in the past month.
US-based cryptocurrency firm Ripple announced a partnership with the Dubai International Financial Centre (DIFC) Innovation Hub. The partnership aims to promote blockchain and digital asset innovation in the UAE. The firm has made several advancements toward global expansion in the past few months.
According to Ripple’s press release, the DIFC partnership will introduce crypto and blockchain among early-stage companies and scale-ups. Moreover, it also aims to introduce the technology to traditional large strategic institutions.
Additionally, in the recent past, Ripple committed one billion XRP in the form of grants toward enhancing the global development of the XRP ledger. It also planned to introduce new use cases for the ledger. Following the announcement, the XRP token showed price surges in the last 24 hours.
Ripple’s CEO Brad Garlinghouse stated:
“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 scaleups building real use cases.”
Moreover, Garlinghouse also discussed the UAE’s global supremacy in providing clarity in regulations for licensed firms that offer virtual asset services. Notably, the DIFC is a leading financial centre for Islamic Finance in the UAE and Africa.
Ripple’s Advancements in the Past Few Months
The Ripple ecosystem has announced several advancements in the past few months. Recently, the blockchain launched its own stablecoin pegged to the US dollar, the Real USD (RLUSD). Moreover, the ecosystem is also expecting to launch a spot XRP ETF in the coming months.
Furthermore, recently, Ripple’s blockchain XRPL has shown increased activity in the past month according to Santiment’s data. Moreover, in the past week, the Ripple ecosystem announced that it would be investing $10 million in tokenized US treasury bills.
Finally, the recent partnership with DIFC, as aforementioned, is aimed at the ecosystem expanding its use-cases and application beyond the US and incorporating global needs.
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