Key Points
- Ripple Labs has partnered with Bahrain Fintech Bay (BFB) to expand its operations in Bahrain.
- This partnership will help in the development and adoption of blockchain and digital asset technology in the region.
Ripple Labs, based in San Francisco, has formed a strategic partnership to extend its operations to the Kingdom of Bahrain. This partnership was announced on October 9th, with Bahrain Fintech Bay (BFB) as the collaborator. The basis of this deal is the regulatory license that Ripple previously obtained from Dubai.
Ripple and BFB’s Impact on Bahrain’s Economy
Ripple’s recent partnership with BFB has increased the blockchain payment firm’s presence in the Middle East. BFB is a leading fintech incubator and ecosystem builder in the Kingdom, working with government bodies and other parastatals to expedite the growth and adoption of blockchain and digital asset technology in the area.
With Ripple’s assistance, BFB aims to significantly enhance Bahrain’s crypto industry. They plan to undertake a variety of activities, including the development of proofs-of-concept and pilot projects that are vital for the enhancement of Bahrain’s fintech ecosystem.
These activities will showcase solutions in various areas such as blockchain technology, cross-border payments, digital assets, stablecoins, and tokenization. They will also lead educational initiatives and accelerator programs. Ripple and BFB plan to participate in local ecosystem events to foster new industry partnerships and drive innovation.
Reece Merrick, Managing Director, Middle East and Africa at Ripple, expressed his excitement about working with BFB to lay the groundwork for a thriving local blockchain industry and to offer their digital assets custody solution and stablecoin Ripple USD (RLUSD) to Bahrain’s financial institutions.
Increasing Recognition for Ripple’s RLUSD
Merrick’s statement indicates that this partnership provides another opportunity for RLUSD to gain more visibility.
The USD-pegged stablecoin has been gaining a lot of attention recently. It was 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 increase 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.
