While partnership news continues to come in the cryptocurrency market, the latest news came from Ripple (XRP).
Ripple has announced a formal partnership with Bahrain FinTech Bay as it accelerates its entry into the Middle East, according to Coindesk.
Accordingly, Ripple announced a strategic partnership with Bahrain Fintech Bay (BFB), Bahrain's largest fintech hub.
Under the agreement, Ripple plans to collaborate in various key areas in the country, including blockchain technology, cross-border payments, digital assets, stablecoins, and tokenization.
This partnership is seen as a continuation of Ripple’s expansion into the Middle East after receiving authorization from the Dubai Financial Services Authority (DFSA) in Dubai earlier this year, making it the first blockchain-based payments provider to achieve this milestone.
“Bahrain is an early adopter of blockchain technology and one of the first countries in the world to implement virtual asset regulation. Ripple will work with FinTech Bay to strengthen the foundations of the local blockchain sector and ultimately deliver digital asset custody and RLUSD stablecoin solutions to financial institutions,” said Reece Merrick, General Manager of Ripple Middle East and Africa.
Merrick stated that Ripple aims to offer its digital asset custody services and Ripple USD (RLUSD) stablecoin to Bahraini financial institutions in the near future.
Ripple recently announced that it has secured over 60 regulatory licenses and registrations worldwide. It added that the latest collaboration aims to make Bahrain a “regulation‑friendly blockchain hub” for the Gulf region.
https://x.com/Ripple/status/1976234090845073629
*This is not investment advice.