Ripple and Dubai’s DIFC to catalyze blockchain tech expansion in the region News ▸ Middle East · UAE ▸ XRP ▸ Tokens
Ripple and Dubai’s DIFC to catalyze blockchain tech expansion in the region
Ripple is also considering setting up a XRPL Foundation to boost the blockchain network growth.
2 min read
Updated: Aug. 7, 2024 at 12:09 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Ripple (XRP) is looking to boost blockchain technology adoption in the Middle East through a partnership with the Dubai International Financial Centre (DIFC) Innovation Hub, according to an Aug. 7 statement.
The collaboration aims to promote blockchain and crypto adoption by linking developers, early-stage companies, and traditional large institutions with the DIFC Innovation Hub. This hub is the largest innovation community in the region, hosting over 1,000 growth-stage tech companies, innovation firms, digital labs, venture capitalists, regulators, and educational institutions.
Brad Garlinghouse, CEO of Ripple, highlighted the UAE’s role in providing regulatory clarity and fostering financial innovation. He added:
“Our partnership with the DIFC Innovation Hub promises to drive the adoption of blockchain technology in the region.”
The DIFC is a prominent economic zone with over 5,000 residents, known for its crypto-friendly regulations. In March, the region enacted a Digital Assets Law and Security Law. It also updated existing legislation to eliminate uncertainties for investors and users adopting digital assets technology.
XRPL Foundation
Meanwhile, Ripple President Monica Long also revealed that the firm is considering establishing an independent XRP Ledger (XRPL) Foundation. She said:
“For now, discussions [are ongoing] with XRPLF, XRPL Labs, XRPL Commons, Ripple and others are about a new (independent) XRPL foundation.”
David Schwartz, Ripple’s Chief Technology Officer, explained that the Foundation would serve the interests of XRPL and the community, including developers, builders, users, projects, exchanges, universities, validators, and infrastructure providers.
The Ripple executives’ disclosure comes as XRPL’s previous Foundation transitioned into the Inclusive Financial Technology Foundation (INFTF) to support broader technologies beyond the Ripple-backed blockchain network.
INFTF stated that it wants to advance digital initiatives and acknowledged that its previous connection to Ripple could limit its ability to achieve these goals.
So, the INFTF has asked Ripple stakeholders to create a new entity to oversee functions previously managed by the XRPL Foundation, such as maintaining the XRP Trademark, Code Repository, and XRPL.org domain.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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The XRP Ledger is a decentralized cryptographic ledger powered by a network of peer-to-peer servers.
Ripple
Ripple is a US-based technology company which develops the Ripple payment protocol and exchange network using XRP, the digital asset native to the XRP Ledger.
Brad Garlinghouse stands at the forefront of financial technology as the CEO of Ripple.
