Market News

Ripple Expands Footprint in UAE, Eyes $400B Trade Market

Ripple has achieved a significant regulatory milestone in the United Arab Emirates by becoming the first blockchain-powered payments company to secure a license from the Dubai Financial Services Authority (DFSA).

This license allows Ripple to launch its cross-border payments platform, Ripple Payments, within the UAE's expansive market.

The company's entry into this lucrative $400 billion trade hub is expected to enhance the accessibility of regulated cross-border services using its RLUSD stablecoin.

Ripple highlighted that this accomplishment not only boosts its business operations but also promotes innovation and adoption of digital assets in the Middle East.

The growing demand for blockchain solutions in the region is driven by favorable regulations and a tech-savvy populace, with Ripple currently serving 20% of its global customers from this area.

The DFSA licensing will enable Ripple to facilitate fully regulated crypto payments, catering to the needs of businesses and the $40 billion remittance market.

In conjunction with its payment services, Ripple plans to roll out the RLUSD stablecoin to offer secure and compliant financial solutions.

As Ripple strengthens its presence in the UAE, XRP's market performance has been notable, trading within a tight range as it stabilizes after a recent price rally.

With ongoing consolidation and a generally bullish outlook on price movements, traders are keenly monitoring XRP’s resistance levels and support zones.

This regulatory endorsement propels Ripple and XRP into a pivotal role in the evolving landscape of digital finance in the UAE.