Ripple Receives International Payments License from Dubai Regulator
"Announcement of international payment service for corporate clients in Dubai"
Bitwise applies for Delaware XRP trust product
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Ripple announced on the 1st through an official statement that it had obtained a cross-border payment license from the Dubai Financial Services Authority (DFSA) and would provide Ripple’s own international payment service to corporate customers. Ripple explained that it would introduce ‘Ripple Payments Direct’ in Dubai to provide a low-cost and efficient international payment service.
Dubai is Ripple's main headquarters and main base. Ripple targeted Dubai as its lawsuit with the U.S. Securities and Exchange Commission (SEC), which began in 2020, dragged on, and signed a partnership with the Dubai International Financial Center (DIFC) to accelerate cryptocurrency innovation at the same time as the SEC lawsuit ended in August of this year. According to the partnership, Ripple provided about 1 billion XRP to DIFC on the condition that DIFC's tenants adopt the Ripple Ledger (XRPL).
Another major positive development is the increased possibility of a Ripple spot exchange-traded fund (ETF) being launched following the registration of a Ripple trust product in the United States.
Global asset management company Bitwise announced on the 2nd through an official statement that it had registered the Ripple Investment Trust product on the Delaware corporate registration website. According to a Bitwise spokesperson, it applied for the Ripple Investment Trust product through an independent corporation in Delaware on the 30th of last month.
Grayscale successfully converted its cryptocurrency trust products, 'GBTC' and 'ETHE', into Bitcoin (BTC) spot ETFs and Ethereum (ETH) spot ETFs, respectively, this year.
Bitcoin fell about 6%, Ethereum and Solana (SOL) fell more than 5%, while Ripple fell only about 2%, amid international tensions following Iran's attack on Israel on the 1st.
Ripple is trading at around 806 won on Upbit as of 10 am on the 2nd.
Reporter Kwon Seung-won ksw@
