Ripple has signed a partnership deal with Jeel, a subsidiary of Riyad Bank, to advance the financial future of Saudi Arabia through blockchain technology.
By Godfrey Benjamin
Editor Julia Sakovich
Updated
2 mins read
San Francisco-based blockchain payments firm Ripple Labs Inc. has bagged a major deal with Riyad Bank in the Middle East. Reece Merrick, the Managing Director of Middle East and Africa at Ripple, announced the new development on X, citing that it is a move targeted at advancing Saudi Arabia’s financial future through blockchain innovation.
Ripple’s deal is specifically with Jeel, a subsidiary of Riyad Bank. Together, they would be exploring advanced blockchain applications that focus on strengthening financial services across Saudi Arabia.
The goal is to develop a secure and transparent digital infrastructure that can support the Middle East. Merrick acknowledged this move as one that aligns with the country’s vision.
https://twitter.com/reece_merrick/status/2015717273752019127
These are key areas of opportunity for the Gulf region’s remittance and trade corridors. Crypto custody and tokenization are fast becoming two of the strongest innovations viewed as foundational components for the coming generation’s financial markets. It will allow the storage of digital assets as well as the representation of Real World Assets (RWAs) on blockchain networks.
Moreover, this is another development within the crypto space that demonstrates the increase in institutional demand for crypto assets.
On one hand, Ripple has been taking some giant steps within the crypto space. A few days ago, its USD-pegged stablecoin RLUSD was listed on Binance, the industry’s biggest crypto exchange.
This is a significant move that can direct more liquidity to the Ripple ecosystem. In the meantime, it is only supported on Ethereum, with support for XRPL coming later.
Also, Ripple extended its collaboration with Garanti BBVA, a Turkish financial institution. The bank will continue using Ripple’s institutional-grade custody technology to secure major crypto assets, including BTC and ETH, for its users. This reflects the confidence that it has in the Ripple.
The San Francisco-based firm also secured preliminary approval for an Electronic Money Institution (EMI) license in Luxembourg.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
