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- Ripple renews its $1 million partnership with NYU Abu Dhabi to boost blockchain research and innovation in the UAE.
- Ripple’s strategic collaborations, including UBRI, help advance blockchain technology and digital finance globally.
Ripple has renewed its strategic partnership with NYU Abu Dhabi through the University Blockchain Research Initiative (UBRI). This renewal demonstrates Ripple’s continuous commitment to fostering blockchain research and innovation in the UAE and the broader Middle East.
🚨 BREAKING:
Ripple announces the renewal of its strategic partnership with NYU Abu Dhabi through its University Blockchain Research Initiative (UBRI)! 🇦🇪
UAE 🤝🏼 #XRP https://t.co/WJ1NyHl8qh pic.twitter.com/eAR3XGY2pa
— 𝓐𝓶𝓮𝓵𝓲𝓮 (@_Crypto_Barbie) September 10, 2024
Ripple Expands Its Blockchain Research Investment in UAE
The collaboration with NYU Abu Dhabi has increased Ripple’s overall funding for blockchain research and student initiatives at the university to more than $1 million. Reece Merrick, Ripple Managing Director, Middle East, and Africa, stated:
“Ripple and NYU Abu Dhabi share a vision of unlocking the full potential of blockchain research and innovation in the region.”
The cooperation is critical to Ripple’s aim of expanding its footprint in the UAE, developing talent, and encouraging the use of blockchain technology in both the academic and financial sectors.
This expanded engagement is part of Ripple’s overall strategy to compete for a sizable share of the global payment ecosystem. As Ripple Labs seeks to increase the utility of XRP, the company has deliberately focused on key regions with high regulatory certainty and commercial potential.
Recently, as we previously reported, Ripple Labs expressed confidence that the Federal Reserve’s FedNow system might benefit XRP by facilitating speedier cross-border payments via XRP Ledger. This puts Ripple at the vanguard of digital financial innovation, as it competes with other payment alternatives on a worldwide scale.
In addition to increasing its blockchain footprint in the UAE, Ripple is looking into stablecoin potential. Ripple has prioritized the United States for the launch of its USD-backed stablecoin, with ambitions to expand into the Japanese market after regulatory approval is acquired.
Japan’s strong legislative environment makes it an appealing market for stablecoin development, according to Ripple’s CEO. This strategic objective aims to strengthen Ripple’s competitive position and expand the adoption of the XRP Ledger across various markets and financial systems.
Ripple’s research investments extend beyond NYU Abu Dhabi. The UBRI program includes 58 colleges worldwide, and Ripple has invested more than $60 million since the initiative’s start in 2018.
This includes offering financing to prestigious universities such as Morgan State University and the National University of Singapore, highlighting Ripple’s global reach. These collaborations play an important role in advancing academic research, increasing financial awareness, and boosting global acceptance of digital assets.
Furthermore, Ripple’s rising presence in the UAE is consistent with the country’s objectives to become a global center for financial and technical innovation. Collaboration with NYU Abu Dhabi allows Ripple to promote blockchain research while also contributing to the UAE’s goal of cultivating a tech-savvy workforce.
The university’s Ripple Blockchain Collaboratory has been instrumental in the development of fintech and blockchain firms, both of which are critical to the country’s digital economy.
