Ripple Labs Partners with Bahrain Fintech Bay to Expand in Middle East
Ripple Labs has formed a strategic partnership with Bahrain Fintech Bay (BFB), expanding its operations into the Kingdom of Bahrain. This move follows an earlier regulatory license obtained from Dubai.
Key Points of the Ripple-BFB Partnership
- Ripple's collaboration with BFB extends its blockchain presence in the Middle East.
- BFB is a leading fintech incubator in Bahrain, partnering with government bodies to promote blockchain and digital asset technology.
- The partnership aims to foster Bahrain's crypto industry by developing proofs-of-concept and pilot projects.
- Activities include showcasing solutions in blockchain tech, cross-border payments, digital assets, stablecoins, and tokenization.
- Educational collaborations and accelerator programs are part of the initiative to drive innovation.
- Participation in local ecosystem events aims to build industry partnerships.
Reece Merrick, Managing Director for the Middle East and Africa at Ripple, emphasized the goal of establishing a strong local blockchain industry and offering digital asset custody solutions like Ripple USD (RLUSD) to financial institutions in Bahrain.
Ripple USD (RLUSD) Developments
- RLUSD, a USD-pegged stablecoin, has gained recognition and was recently listed on Bybit exchange.
- The listing bridges Traditional Finance (TradFi) with Decentralized Finance (DeFi).
- Trading volume increased by 75%, reaching a market capitalization of $789.54 million.