Seeds of Wisdom RV and Economic Updates Wednesday Morning 9-4-24
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RIPPLE AND DIFC PARTNER TO BOOST BLOCKCHAIN INNOVATION IN DUBAI
▪️Ripple partners with DIFC Innovation Hub to accelerate blockchain adoption in the UAE and foster innovation.
▪️Ripple’s 1B XRP fund supports global developers, driving blockchain solutions across 47 countries on the XRPL.
Ripple has announced a strategic relationship with the DIFC Innovation Hub, a thriving innovation environment within the Dubai International Financial Centre (DIFC), to accelerate the development and acceptance of blockchain and digital assets in the UAE.
Ripple Fuels Global Blockchain Innovation Through Strategic Alliances and 1B XRP Fund
This alliance aims to connect the next generation of developers with the region’s largest innovation ecosystem, which includes over 1,000 growth-stage IT startups, innovation corporations, digital laboratories, venture capital firms, regulators, and educational institutions. Brad Garlinghouse, Ripple Chief Executive Officer, stated:
“Our partnership with the DIFC Innovation Hub promises to drive the adoption of blockchain technology in the region as the XRPL continues to be a leading blockchain for the region’s start-ups and scaleups building real use cases.”
The agreement demonstrates Ripple’s commitment to pushing blockchain adoption among early-stage firms and scale-ups, as well as situating this disruptive technology within traditional large strategic institutions and their specialized use cases.
The pledge of one billion XRP by Ripple to promote global use cases on the decentralized layer 1 blockchain known as the XRP Ledger (XRPL) further demonstrates its dedication to promoting blockchain innovation.
Ripple’s huge funding offer intends to provide not just monetary support but also technical and business assistance to developers globally. Since the beginning of the 1B XRP Fund in late 2021, Ripple has successfully supported over 160 teams in 47 countries, allowing for the development of a wide range of XRPL applications.
These applications cover a wide range of sectors, including decentralized finance (DeFi), Real World Assets (RWA), and other ground-breaking technologies, demonstrating Ripple’s worldwide effect. Arif Amiri, DIFC Chief Executive Officer, added:
“Today marks another milestone in DIFC’s ongoing journey to help facilitate growth and equip the next generation of leaders with everything they need to succeed.
The Ripple collaboration further cements DIFC’s role as a leading global hub for talent, technology and innovation, as we continue to enhance our ecosystem powered by a world-class regulatory jurisdiction, to drive the future of finance.”
Strategic Integration Boosts Blockchain Innovation and Economic Value in the MEA Region
Ripple’s regional office is located in the DIFC, demonstrating the strategic relevance of the UAE and the larger Middle East and Africa (MEA) area to the company’s activities. The DIFC approved the usage of XRP within the Center in November 2023, marking a key milestone.
This permission enables licensed virtual asset firms operating in the DIFC to incorporate XRP into their virtual asset services, further integrating Ripple’s technology into the region’s financial system.
This move not only advances blockchain innovation in Dubai, but it also generates new economic value by incorporating XRP into the larger virtual asset ecosystem.
In addition to Ripple’s cooperation in Dubai, the Middle Eastern regulatory landscape is evolving, with Qatar recently creating a framework to oversee the operation of digital asset services and foster innovation in the financial sector.
According to CNF, analysts believe that this legislative clarification will considerably accelerate the growth of cryptocurrencies, notably Ripple, given its long-standing ties with Qatar National Bank.
Such regulatory developments in Qatar, together with Ripple’s growing impact in the UAE, place Ripple strategically in the rapidly growing Middle Eastern digital asset industry.
Furthermore, as we previously reported, Japan’s Metaplanet has formed a cooperation with cryptocurrency investment provider SBI for Bitcoin trading and custody.
This collaboration focuses on regulatory compliance and tax efficiency. Given that SBI is one of Ripple’s core partners, there is suspicion that XRP will soon be included in this cooperation, potentially boosting Ripple’s influence in Japan as well.
@ Newshounds News™
Source: Crypto News Flash
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RIPPLE INTRODUCES SMART CONTRACTS AND INNOVATIVE NFT FEATURES TO THE XRP LEDGER
▪️Ripple’s new developments aim to expand the XRP ledger’s capabilities, enabling new features such as NFTs, DEXs, and AMMs.
▪️Ripple is broadening its reach by partnering with AI and metaverse firm Futureverse to integrate Ripple Custody for secure DeFi access via the Ottó blockchain.
Blockchain startup Ripple has made some major announcements at the Korea Blockchain Week 2024 with the goal of boosting the foundations of crypto infrastructure thereby driving more institutional adoption of blockchain.
Ripple is now working to advance the XRP Ledger’s programmability by introducing smart contracts to the mainnet and within the ecosystem. This will also help developers leverage the XRP Ledger’s expanded capabilities, thereby accelerating innovation on the platform, per the CNF report.
As a result, Ripple is undertaking a two-pronged approach to boost programmability. First, smart contracts will be introduced to the XRP Ledger mainnet, along with the XRPL EVM Sidechain, in the coming months. These two developments will complement each other in building a robust and versatile ecosystem that will cater to a wide range of applications.
Furthermore, the introduction of the smart contracts will also enable new layer-1 features such as NFTs, Escrow, payment channels, authorized trustlines, as well as DEXs and AMMs.
The introduction of these new features, along with the high speed and low cost of XRP Ledger, makes it well-suited to drive everything from traditional finance to innovative new applications. However, the Ripple community is also demanding moving away from centralized control of XRP Ledger and taking the path of decentralization, reported Crypto News Flash.
The XRPL Labs’ Hooks, which define the current smart contract standards provide a crucial foundation that can be built upon to improve Mainnet features. This framework will further allow developers to harness Ledger’s core strengths while tailoring smart contracts to address specific requirements.
Ripple Partners With AI and Metaverse Tech Firms
Apart from the financial markets, Ripple is also expanding its wings into other emerging industries, such as artificial intelligence (AI) and the Metaverse. As a result, it has partnered with Futureverse, an AI and metaverse technology firm, to integrate Ripple Custody and thus secure its digital assets.
Futureverse will facilitate secure, KYC-verified access to DeFi through its proprietary Ottó blockchain. To ensure safe receipt and storage of cryptocurrencies before minting on Ottó, Futureverse will utilize Ripple Custody.
It is clear that Ripple seeks to grab a piece of the crypto custody market, which is expected to grow to $10 trillion by 2030. The blockchain startup will do this by providing a state-of-the-art governance framework while safeguarding a large number of digital assets, including stablecoins and tokenized assets such as bonds, stocks, commodities, and real estate.
Interestingly, Ripple has also been working on a multi-purpose token for XRPL, per the CNF report.
In another announcement, Ripple’s University Blockchain Research Initiative (UBRI) welcomed Korea’s Yonsei University as its 58th global partner. With over $60 million committed to the UBRI program, Ripple continues to advance academic excellence and cutting-edge research through strategic support, technical resources, and grants.
@ Newshounds News™
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Why You Need to Know What a Recession Really Is - The Economic Ninja | Youtube
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XRP WHALES SELLING HEAVILY AS RIPPLE TO PAY US SEC THIS WEEK
▪️XRP whales dump heavily ahead of Ripple's $125M settlement with the SEC.
▪️Ripple to pay the settlement this week.
▪️XRP price dips with increased selling pressure on the asset.
XRP whales have ignited severe investor concerns, heavily dumping their holdings ahead of a $125M settlement between Ripple and the U.S. SEC. On-chain data pointed out nearly 1 billion XRP moved over the past day, raising speculations on the cryptocurrency’s future price movements.
Moreover, recent massive escrow movements by the American blockchain payments firm have further propelled speculations on XRP price action ahead.
@ Newshounds News™
Source: CoinGape
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Ripple USD Stablecoin Could be Issued in 'Weeks, Not Months': Garlinghouse
The RLUSD will be fully backed by U.S. dollar assets, tested with enterprise partners, and will operate on the XRP Ledger and Ethereum blockchain.
Ripple is close to launching its U.S.-dollar pegged stablecoin, Ripple USD (RLUSD), with CEO Brad Garlinghouse indicating a launch timeline of “weeks.”
RLUSD will be fully backed by U.S. dollar assets, tested with enterprise partners, and will operate on the XRP Ledger and Ethereum blockchain.
SEOUL- Ripple Labs chief executive Brad Garlinghouse, at the ongoing Korea Blockchain Week on Wednesday, said that the company’s U.S.-dollar pegged stablecoin is close to issuance
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“We will certainly launch soon. Weeks, not months,” Garlinghouse said at the event. “It’s called Ripple USD. RLUSD has been minted in that framework.”
He stated that plans for the token were made after USD Coin (USDC), the second-largest stablecoin by market capitalization of $34 billion, lost its dollar peg in March, 2023.
“We felt like there was an opportunity for a credible player already working with lots of financial institutions to lean into that market,” he said.
Ripple first revealed its stablecoin plans in April, stating that the token would be "100% backed by U.S. dollar deposits, short-term U.S. government Treasuries and other cash equivalents.”
It began testing the token in early August with enterprise partners. The stablecoin is scheduled to be deployed onto Ripple's institution-focused XRP Ledger and the Ethereum blockchain to start and will be based on Ethereum's ERC-20 token standard.
Plans for the stablecoin come amid further boosts to the XRP Ledger network in the form of Ethereum-compatible smart contracts, which will let users build out on-chain exchanges and issue tokens, among other financial services, as they do on Ethereum.
@ Newshounds News™
Source: CoinDesk
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