Crypto Oasis has highlighted Ripple’s increasing importance in the digital asset scene in MENA, as the industry sees rapid growth.
This year's @CryptoOasisUAE's Ecosystem Report is live and we are honored to be included! As the number of mobile users in the #MENA region grows, the future of financial services is becoming increasingly digital.
Read the full report. https://t.co/EibOFKmYdi
— Ripple (@Ripple) November 3, 2022
Crypto Oasis – a leading blockchain-based ecosystem with a focus on the Middle East and North Africa (MENA) – has released its Ecosystem Report, as it highlights the growing impact of Ripple within the cryptocurrency scene in the Middle East.
The just-released Ecosystem Report from Crypto Oasis pointed out the burgeoning state of the cryptocurrency industry in MENA, as individual and institutional adoption sees a massive surge, with several crypto entities flocking to the bloc to solidify their positions in the booming sector.
Ripple, which has been on a rapid expansion of late, has made several moves to penetrate the local crypto industry in MENA, as it forms numerous partnerships with private and public entities within the bloc to foster innovation.
Due to its massive presence in the Middle East and North Africa, Ripple’s impact is largely felt in the region, especially as its RippleNET solution provides several financial entities with speed and efficiency when facilitating cross-border settlements.
As highlighted in the report, Ripple established a headquarters in Dubai as its regional growth in MENA became more apparent. The Emirate News Agency announced the move in November 2020. Per reports, the launched HQ was set up within the Dubai International Financial Centre (DIFC).
The report also highlighted the importance of Ripple’s RippleNET solution, as it is leveraged by several top entities within MENA, such as the Qatar National Bank and the Al Ansari Exchange. These entities utilize RippleNET to expedite transnational settlements.
Furthermore, Crypto Oasis’ Ecosystem Report underscored Ripple’s significant contribution to fostering the establishment of several national CBDCs. In particular, the report highlighted Ripple’s impact on the development of the CBDCs of the Republic of Palau and Bhutan.
In September of 2021, Ripple disclosed a partnership with Bhutan’s central bank, the Royal Monetary Authority, as Bhutan looked to leverage the firm’s CBDC solution in developing its digital currency. Two months later – in November – Ripple revealed another partnership with the Republic of Palau to help build its climate-friendly digital currency strategy.
Notwithstanding, Ripple’s first penetration of the digital asset scene in MENA dates back to 2017 in a trailblazing partnership with the National Bank of Abu Dhabi (NBAD). In February 2017, NBAD became the first bank in the Middle East to leverage Ripple’s solution for faster and cheaper cross-border settlements. Countless others have followed suit since then.
The equally budding crypto industry has sustained Ripple’s growing presence in MENA within the region. A recent report from Chainalysis revealed that the MENA region recorded the fastest-growing cryptocurrency market in the 12 months leading to June 2022.
The report disclosed that crypto users received a whopping $556B in crypto between July 2021 and June 2022. This figure marked a 48% increase from the previous year, indicating any region’s highest growth rate in 12 months. Additionally, MENA accounts for three nations on Chainalysis’ top 30 list of countries in terms of global crypto adoption. These are Turkey, Egypt, and Morocco.