Date: Tue, Oct 01, 2024, 08:07 AM GMT
In a significant milestone for Ripple, the leading digital asset infrastructure provider has secured in-principle approval from the Dubai Financial Services Authority (DFSA) to expand its services across the UAE. Operating from the Dubai International Financial Centre (DIFC), Ripple will now be able to offer seamless cross-border payment services, including its flagship Ripple Payments Direct (RPD).
This approval marks a key step in Ripple’s global expansion as a regulated entity, enabling it to provide faster, more cost-effective, and efficient payment solutions to businesses in the UAE. By combining strong regulatory compliance with advanced infrastructure—such as liquidity, custody, and smooth on/off-ramps between fiat and digital assets—Ripple aims to revolutionize cross-border payments.
Brad Garlinghouse, CEO of Ripple, commented, “Blockchain and crypto technologies are here to stay. The UAE’s progressive regulatory stance makes it a global leader in the financial technology space, and Ripple is excited to expand its services here.”
This move is expected to enhance the utility and strength of XRP, Ripple’s native token, As a result of this exciting development, XRP, has seen a price increase of 0.7%, trading at approximately $0.6277. With a market capitalization of around $35 billion, this news further strengthens XRP’s position in the market.
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