Blockchain payments firm Ripple Labs Inc. has announced its expansion into the Middle East and Africa. This move will see Ripple providing blockchain payment services to individuals in both regions.
Expanding into the Middle East and Africa is excellent news for the blockchain firm. Ripple Executive Reece Merrick noted that the company is leading the charge in both regions with blockchain-powered payments and crypto solutions.
He sees the Middle East and Africa as fertile grounds for crypto’s future. According to him, Ripple is planting the seeds of the crypto revolution, which he believes will eventually benefit the XRP community.
Ripple has become the first blockchain-powered payments provider to receive a blockchain license from the Dubai Financial Services Authority (DFSA). Through this license, Ripple will bring its cross-border payments solution, Ripple Payments, to regional enterprises.
This license helps legitimize real-world applications of digital assets in the Middle East. It will help bring innovative financial services for institutions and retailers. Ripple is now providing trusted payments, custody, and stablecoin solutions to fuel this transformation. Banks, fintechs, and crypto businesses will utilize these solutions to support and scale their digital asset strategies.
As reviewed in our recent publication, Ripple has partnered with Chipper Cash to enable fast and cost-effective transactions across Africa. Chipper Cash provides seamless financial services across the continent. The payment provider has five million customers in nine African nations, including Nigeria, Ghana, Uganda, Tanzania, Rwanda, South Africa, and Kenya.
The recent integration of the RLUSD stablecoin into Ripple Payments redefines how cross-border business settlements are executed.
Driven by progressive regulation, technological advancements, and a young, tech-savvy population, the Middle East has established itself as a crypto hotbed. The region is set for rapid growth as it is home to several key crypto hubs and deep institutional and enterprise adoption.
The United Arab Emirates has taken a proactive approach to crypto regulation, creating a stable and business-friendly environment. This peaceful atmosphere now attracts global blockchain leaders looking to scale and invest.
Finance and enterprise firms in the region are increasingly shifting their attention to crypto. 85% have increased their confidence in crypto in the last six months. The demand for secure digital asset custody solutions has also grown alongside the rising interest.
Research from Ripple reveals that 40% of finance and enterprise firms in MENA have adopted a digital asset custody solution, the highest adoption rate of any region surveyed. Furthermore, another 56% plan to implement it within the next three years, emphasizing the region’s appetite for institutional-grade digital asset solutions.
In a recent study we reported on, Merrick hinted at the UAE potentially embracing stablecoins as legal tender. With dirham-backed coins and frameworks for foreign stablecoins, the country could create fundamentally revolutionary cross-border payments.
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