XRP Utility Highlighted at Ripple Swell Event

Ripple has officially posted vital highlights of the Ripple Swell event it staged last month in Dubai, with XRP being a key participant in the summit.

Per the disclosure, Ripple Swell attracted over 600 prominent figures in the fields of blockchain, financial services, and policy to discuss the crypto industry.

Last month, #RippleSwell drew more than 600 global leaders in payments, financial services, blockchain, and policy to Dubai for conversations on the business of crypto. Here are the key takeaways from the event: https://t.co/cBygUTxr1R

— Ripple (@Ripple) December 11, 2023

Ripple noted that the persistent themes were related to the tokenized economy, the rise of emerging hubs for blockchain innovation, and global regulatory developments. It also included the increasing prevalence of real-world applications within financial services and climate change considerations. 

However, the foremost insights related to Ripple Payments, evolving to serve SMEs, Dubai’s global crypto hub emergence, DIFC blockchain adoption advancement in UAE, and crypto’s role in sustainability.

XRP Well-positioned as RippleNet Evolves to Serve SMEs

At the event, Brendan Berry, Ripple’s Head of Payments Product, took the stage to unveil the latest advancement in Ripple Payments (formerly RippleNet).

Ripple noted that since its inception, Ripple Payments used blockchain technology to facilitate faster and more cost-effective cross-border payments for financial institutions. 

However, it consented to the growing interest among small and medium enterprises (SMEs). Meanwhile, these SMEs have limited resources and less crypto expertise to embrace blockchain solutions for B2B payments, treasury functions, and other activities. 

In response to this demand, Ripple pushed out significant enhancements to Ripple Payments. Specifically, it noted Ripple Payments has transformed it into a plug-and-play cross-border payments solution for businesses on a global scale. 

Ripple Payments alleviates the need for SMEs to navigate crypto intricacies. It provides seamless access to over 70 payout markets through a single connection.

According to the report, Ripple Payments utilizes a blend of crypto assets, stablecoins, and fiat to offer customers an optimized payment experience. Recall that XRP was visible in Brendan Berry’s presentation slides during the event.

XRP Licensed for Use

Furthermore, Ripple cited that Alya Al Zarouni, COO of DIFC Authority, conversed with Ripple President Monica Long during the Ripple Swell event. They explored the Dubai International Financial Centre’s (DIFC) contribution to fostering blockchain adoption. 

Al Zarouni expressed that the Dubai Financial Services Authority (DFSA) has played a crucial role in ensuring legal clarity through forward-thinking regulations.

According to the report, this approach has enabled the flourishing of blockchain use cases and digital assets, including XRP, which has received recent approval for usage by licensed firms in Dubai.