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- IOTA and XRP are gaining ground in the UAE with verifiable signs.
- While IOTA has deep integrations with top government bodies, XRPL innovations are setting XRP apart.
The United Arab Emirates (UAE) has emerged as one of the world’s leading players in Web3 adoption. Spotlighting a post from Tokenicer, an enterprise blockchain research outfit, crypto investor Colibali pointed out IOTA and XRP as among the top cryptocurrencies adopted in the UAE.
The UAE’s Alignment with IOTA and XRP
Tokenicer emphasized that the UAE is one of the few regions adopting IOTA’s Distributed Ledger Technology (DLT) correctly. Notably, IOTA’s adoption in the UAE is orchestrated by the biggest players in the region. These include the Abu Dhabi Global Markets, Central Bank of the UAE, Dubai Financial Services Authority (DFSA), and others.
Tokenicer likened the UAE’s involvement with Web3 to its oil rush in the past. IOTA made history in the UAE, launching the IOTA Foundation in Abu Dhabi in collaboration with Abu Dhabi Global Markets. This has since evolved to IOTA showcasing tokenized Real-World Assets (RWA) to the UAE Congress.
In addition to the foundation, IOTA launched its trade pipeline solution with TradeMark Africa and the World Economic Forum (WEF). Most recently, IOTA received full Shari’a approval. This means the IOTA token is fully registered and licensed for trading in the UAE.
In a recent update CNF covered, the foundation announced its participation in the TradeTech Regulatory Sandbox. The initiative is jointly organized by the WEF, the UAE Ministry of Economy, and the Abu Dhabi Department of Economic Development (ADDED). It focuses on key use cases within trade finance involving Know Your Customer (KYC) processes and digital identity.
On the part of XRP, the DFSA granted in-principle approval to Ripple in October despite facing regulatory challenges with the SEC. This approval allows Ripple to expand its presence in the Middle East and offer cross-border payments.
In addition, Ripple partnered with the DIFC Innovation Hub in Dubai, expanding blockchain innovation in the region. In a recent study we reported on, Ripple executive Reece Merrick said the blockchain will target key areas in the Middle East this year.
IOTA and XRP Surge Amid Market Optimism
IOTA and XRP are among the cryptocurrencies demonstrating uptrends amid the ongoing surge in the crypto market. In the last 24 hours, IOTA registered a 3.7% increase to trade at $0.298. XRP rose over 7% within the same time frame to $3.17.
The surge in XRP also comes on the heels of exciting developments in the Ripple ecosystem.
As noted in our earlier post, RippleX developers suggested the integration of WebAssembly (WASM) for smart contracts on the XRP Ledger (XRPL). This integration aims to bring the system much closer to achieving enhanced programmability.
Furthermore, an ex-Ripple executive, Sean McBride, recently teased upcoming good news for the community. This will be unveiled at a community meeting scheduled by Ripple Labs.
