Ripple (XRP) aims to drive the adoption of blockchain technology in the Middle East through a partnership with the Dubai International Financial Center (DIFC) Innovation Hub, according to an August 7 statement.
The collaboration aims to promote blockchain and crypto adoption by connecting developers, early-stage companies and traditional large institutions to the DIFC Innovation Hub. This hub is the largest innovation community in the region, with more than 1,000 growth-stage technology companies, innovation companies, digital labs, venture capitalists, regulators and educational institutions.
Brad Garlinghouse, CEO of Ripple, highlighted the UAE’s role in providing regulatory clarity and promoting 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 issued a digital assets law and a security law. It also updated existing legislation to remove uncertainties for investors and users adopting digital asset technology.
XRPL Foundation
Meanwhile, also Ripple president Monica Long revealed that the company 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 creating 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 revelation from Ripple executives comes as XRPL’s previous Foundation transitioned to the Inclusive Financial Technology Foundation (INFTF) to support broader technologies beyond the Ripple-backed blockchain network.
INFTF declared that it wants to advance digital initiatives and acknowledged that its previous connection with Ripple could limit its ability to achieve these goals.
Therefore, 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, the Code Repository, and the XRPL.org domain.