XRP News Today: Ripple Secures Approval for Crypto Payments in Dubai

Ripple just made a big move in the Middle East! The blockchain payments company has secured approval from the Dubai Financial Services Authority (DFSA) to offer regulated crypto payments in the Dubai International Finance Centre (DIFC). This makes Ripple the first blockchain-powered payments provider to receive a DFSA license – a major win as it expands into one of the world’s most crypto-friendly regions.

Dubai has quickly become a hotspot for crypto firms looking to grow, thanks to its supportive regulations and booming digital economy.

Six-Month Wait Pays Off

On March 13, Ripple officially announced that it had secured its DFSA license, allowing it to operate in the DIFC, a key financial hub with its own regulatory framework. This approval follows an in-principle nod from the DFSA on October 1, 2024. With this license, Ripple can now expand its digital asset services in the UAE, reinforcing its role in the region’s fast-growing blockchain ecosystem.

Dubai is a global center for cross-border transactions, with its payments market valued at $40 billion. Ripple’s blockchain-based solutions bring faster, cheaper, and more transparent transactions to businesses in the region. CEO brad garlinghouse brad garlinghouse Brad Garlinghouse is the CEO of the financial technology company Ripple Labs, he is an extremely popular name across the global crypto landscape. He has previously served as the CEO of Hightail, a file-sharing service, and is also an active angel investor. He joined Ripple as COO in April 2015, answering to the CEO and prime supporter, Chris Larsen. He was elevated to CEO in December 2016. Initially, he worked at AOL and Yahoo! From 2003 to 2008, he filled in as Senior Vice President at Yahoo!, where he ran its Homepage, Flickr, Yahoo! Mail, and Yahoo! Courier divisions. While at Yahoo!, he wrote an inner update known as the "Peanut Butter Manifesto," requiring the organization to zero in on its core business instead of extending itself excessively far, much like peanut butter. Details: Organization: RippleLocation: United StatesEducation: MBA from Harvard Business School and BA from The University of KansasSkills: Venture capital and Startups Experience: CEO at Ripplefrom from Jan 2017 - Present ·President and COO at Ripple logo from Apr 2015 - Dec 2016Board Member at Animoto from 2012 - Dec 2017Tonic Health, an R1 company logoBoard Member at Tonic Health from 2011-2016Board Member at Ancestry from 2013 - 2016CEO at Hightail from May 2012 - Sep 2014 FAQs Who is Brad Garlinghouse?The CEO of Ripple, a financial technology business that specializes in blockchain technology and the cryptocurrency XRP, is Brad Garlinghouse. He has played a significant role in advancing cross-border payments using blockchain technology.What is Brad Garlinghouse's role at Ripple?Garlinghouse is in charge of Ripple's expansion and strategic direction in his capacity as CEO. Ripple has concentrated on using blockchain technology to enhance international payment networks under his direction. EntrepreneurInvestorChief Executive OfficerBoard Member and his team celebrated the achievement, highlighting how regulatory clarity and institutional adoption are fueling crypto’s growth.

With Dubai embracing digital assets, Ripple is well-positioned to benefit from this trend.

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Strong Presence in the Middle East

Ripple has been expanding in the region since setting up its DIFC headquarters in 2020. Today, about 20% of its customers are based in the Middle East. A recent survey found that 64% of finance leaders in the region believe blockchain payments are the future. With the new DFSA license, Ripple can further scale its services in one of the most crypto-friendly markets in the world.

Overcoming Challenges

Despite facing regulatory hurdles in the U.S., Ripple continues its global expansion, securing over 60 regulatory approvals worldwide. It holds key licenses from Singapore’s MAS, New York’s NYDFS, and Ireland’s Central Bank. The company is also making progress in stablecoins, with its RLUSD stablecoin surpassing a $100 million market cap. With these developments, Ripple is solidifying its role in reshaping international finance through blockchain innovation.

Recently, the company also cheered the XRP ETF filing, which hints that Ripple is confident that the Ripple vs SEC case will be resolved soon. 

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