Ripple Labs has entered a partnership deal with Bahrain Fintech Bay (BFB) to extend its operations in the Middle East.
San Francisco-based Ripple Labs has inked a strategic partnership that expands its business to the Kingdom of Bahrain. On Oct. 9, it announced that it had collaborated with Bahrain Fintech Bay (BFB). This deal is built on the existing regulatory license that the company received from Dubai a while ago.
Ripple and BFB contribute to Bahrain’s Economy
Ripple’s latest alliance with Bahrain Fintech Bay has extended the presence of the blockchain payments firm in the Middle East. BFB is the Kingdom’s leading fintech incubator and ecosystem builder. It holds partnerships with government bodies and other parastatals to accelerate the development and adoption of blockchain and digital assets technology in the region.
With Ripple, BFB is looking to positively contribute to Bahrain’s crypto industry. Together, they will conduct a range of activities, including supporting the development of proofs-of-concept and pilot projects that are crucial to the advancement of Bahrain’s fintech ecosystem.
Some of such activities are the showcase of solutions across multiple areas like blockchain technology, cross-border payments, digital assets, stablecoins, and tokenization. Moreover, they would lead knowledge initiatives by engaging in educational collaborations and accelerator programs.
Ripple and BFB alliance believe in the grassroots, and they intend to prove this by participating in dedicated local ecosystem events. This way, they intend to foster new industry partnerships and drive innovation.
“At Ripple, we look forward to working with Bahrain Fintech Bay to continue laying the foundations for a thriving local blockchain industry, as well as ultimately offering our digital assets custody solution and stablecoin Ripple USD (RLUSD) to Bahrain’s financial institutions,” Reece Merrick, Managing Director, Middle East and Africa at Ripple, said.
Ripple’s RLUSD Gains More Recognition
Based on Merrick’s statement, this is another avenue for RLUSD to gain more exposure.
The USD-pegged stablecoin has been getting a lot of attention in recent times. It recently got listed on cryptocurrency exchange Bybit, further bridging the gap between Traditional Finance (TradFi) systems and the Decentralized Finance (DeFi) ecosystem.
On the first day of this month, the digital asset saw its trading volume climb by about 75% with a market capitalization of $789.54 million. At the time of this writing, these metrics were pegged at $82.73 million and $789.52 million, respectively.
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