Dubai authorizes Ripple as first blockchain provider
Ripple has achieved a significant milestone by becoming the first authorized blockchain payments provider in the Dubai International Finance Centre (DIFC) after obtaining a license from the Dubai Financial Services Authority (DFSA). This authorization allows for fully regulated cross-border crypto payments in the United Arab Emirates (UAE).
Ripple is the first provider of crypto payments and blockchain services in Dubai
Ripple has successfully obtained regulatory approval from the DFSA, making it the pioneer blockchain payments provider authorized in the DIFC. This groundbreaking achievement opens doors to regulated cross-border cryptocurrency payments within the UAE, offering faster, cheaper, and more transparent transactions in a 40 billion dollar market.
Brad Garlinghouse, the CEO of Ripple, expressed enthusiasm about this milestone, mentioning the immense growth potential in the cryptocurrency industry aided by regulatory clarity and increasing institutional adoption. The UAE, with its favorable environment for technological innovation and cryptocurrencies, is in a prime position to reap the benefits of this development.
Ripple in Dubai: a cross-border payments market of 40 billion dollars
Ripple’s core business revolves around blockchain-based cross-border payments. The UAE’s cross-border payments market is valued at a substantial 40 billion dollars, creating a significant opportunity for Ripple to cater to the growing demand for alternative payment solutions in the region.
The collaboration between Ripple and the DIFC Innovation Hub aims to accelerate blockchain adoption in the Middle East, reinforcing Ripple’s commitment to innovative blockchain solutions.
The official conquest in the United Arab Emirates and the XRP ETFs in the USA
The official confirmation of Ripple’s regulatory approval for the UAE solidifies its presence in the region, marking a significant step towards blockchain adoption. In the USA, Ripple’s XRP ETFs are gaining traction, with various companies filing applications with the SEC for their issuance, reflecting the growing interest in digital assets.
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