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On August 7, Ripple (XRP) announced its collaboration with the Dubai International Financial Centre (DIFC) Innovation Hub to promote the adoption of blockchain technology in the Middle East.
This partnership aims to foster the adoption of blockchain and crypto by connecting developers, early-stage companies, and traditional large institutions with the DIFC Innovation Hub. The hub is the largest innovation community in the region, housing over 1,000 growth-stage tech firms, innovation companies, digital labs, venture capitalists, regulators, and educational institutions.
Ripple CEO Brad Garlinghouse highlighted the UAE’s role in providing regulatory clarity and fostering financial innovation. He stated:
“Our collaboration with the DIFC Innovation Hub is expected to drive the adoption of blockchain technology in the region.”
The Dubai International Financial Centre is a renowned economic zone with over 5,000 residents, known for its crypto-friendly regulations. In March, the region enacted the Digital Assets Law and the Security Law. It also updated existing legislation to eliminate uncertainties for investors and users adopting digital asset technology.
XRPL Foundation
Meanwhile, Ripple President Monica Long revealed that the company is considering establishing an independent XRP Ledger (XRPL) Foundation. She said:
“Currently, discussions are ongoing with XRPLF, XRPL Labs, XRPL Commons, Ripple, and other companies to form a new (independent) XRPL Foundation.”
Ripple CTO David Schwartz explained that the foundation would serve the interests of the XRPL and its community, including developers, builders, users, projects, exchanges, universities, validators, and infrastructure providers.
The disclosure from Ripple executives comes as the former XRPL Foundation transitions into the Inclusive Financial Technology Foundation (INFTF) to support broader technologies beyond the Ripple-backed blockchain network.
INFTF expressed its desire to advance digital initiatives and acknowledged that its previous association with Ripple might limit its ability to achieve these goals.
Therefore, INFTF has requested Ripple stakeholders to create a new entity to oversee functions previously managed by the XRPL Foundation, such as maintaining the XRP trademark, code repositories, and the XRPL.org domain.
Sentiment: Positive
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