Blockchain solutions provider Ripple is set to collaborate with Dubai’s DIFC Innovation Hub, aiming to accelerate blockchain and digital assets innovation across the United Arab Emirates (UAE). The partnership, announced on Wednesday (Aug. 7), will connect developers with the DIFC Hub, which is home to over 1,000 tech companies, digital labs, venture capital firms, regulators, and educational entities.
Brad Garlinghouse, CEO of Ripple, emphasized the UAE’s leadership in providing regulatory clarity for virtual asset services. “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,” Garlinghouse stated in a press release.
“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,” he added.
Ripple has committed one billion XRP to boost development and global use cases on its XRP Ledger blockchain, offering financial, technical, and business support to developers. Since the launch of the 1B XRP Fund in late 2021, Ripple has supported over 160 teams across 47 countries, developing a variety of solutions in decentralized finance (DeFi), Real World Assets (RWA), and other innovative areas.
This collaboration comes at a time when American blockchain and crypto firms are increasingly looking to countries like the UAE, as they face mounting pressure from the U.S. Securities and Exchange Commission (SEC). Garlinghouse expressed frustration with the regulatory environment in the U.S., noting that countries such as the UK, Japan, and Singapore, along with more than two dozen others, have established clear frameworks for crypto regulation.
Additionally, research by PYMNTS Intelligence and Visa highlights the UAE’s digitally engaged population. A significant 89% of retail shoppers and 45% of grocery shoppers in the UAE use digital tools while browsing in physical stores, with 71% enhancing their most recent shopping experience through digital features.