In a major announcement, the Dubai Financial Services Authority (DFSA) has approved the use of XRP token in companies under its global financial center. This move enables Ripple to expand XRP supply chain to thousands of companies in the Middle East, Africa, and South Asia (MEASA) region.
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XRP Expansion To 4,300 Companies
On Thursday, November 2, 2023, the DFSA gave its nod for the of the digital asset in the Dubai International Financial Centre (DIFC), which is a hub of more than 4,300 active registered companies in the region. Crypto firms licensed within the DIFC will be able to incorporate XRP into their virtual asset services. This helps Ripple unlock new regional payments and other virtual asset use cases on the XRP Ledger.
With this, XRP joins Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC) as the assets previously approved under the Dubai DFSA’s virtual assets regime. In June 2023, Ripple received an in-principle approval of the Major Payments Institution License application in Singapore, which is another major hub for crypto firms besides Dubai.
Ripple Swell: More Announcements To Come?
Between November 8 and 9, 2023, the company is set to organize in Dubai the Ripple Swell, its flagship event that unites top financial industry and regulatory personalities. In the context of the July 2023 Summary Judgment in the XRP lawsuit by Judge Analisa Torres, it remains to be seen if any new announcements will be made during the event. The event will cover stories and insights from Ripple customers and industry thought leaders to explore how businesses are leveraging crypto and blockchain technology.
Earlier, CoinGape reported XRP price prediction in the range of $0.90 and $1 if the token breaks ongoing resistance around the $0.68 mark. Over the last 7 days, the XRP price realized a gain of 9% overall, despite a correction lately.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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