Ripple Partners with Riyad Bank to Boost Saudi Blockchain Innovation

Ripple Labs Inc., a blockchain payments firm from San Francisco, has secured a significant partnership with Riyad Bank in the Middle East. The collaboration aims to advance Saudi Arabia’s financial industry through blockchain innovation.

Partnership with Jeel for Tokenization

Ripple's deal is with Jeel, a subsidiary of Riyad Bank.
The objective is to enhance financial services in Saudi Arabia via advanced blockchain applications.
The initiative supports the development of a secure and transparent digital infrastructure in the Middle East.
Focus areas include crypto custody and tokenization, enabling storage of digital assets and representation of Real World Assets (RWAs) on blockchain networks.

Ripple's Expansion

Ripple's USD-pegged stablecoin, RLUSD, was recently listed on Binance, which could increase liquidity in Ripple's ecosystem.
Currently, RLUSD is supported only on Ethereum, with future support planned for XRPL.
Ripple extended its partnership with Garanti BBVA, a Turkish bank, using Ripple's custody technology to secure major crypto assets like BTC and ETH.
Ripple received preliminary approval for an Electronic Money Institution (EMI) license in Luxembourg.