Ripple is a major blockchain company and the issuer of the XRP cryptocurrency, which is expanding its business in the Kingdom of Bahrain through partnerships with local fintech ecosystem builders.
On Thursday, Ripple announced a strategic partnership with Bahrain FinTech Bay (BFB), a leading local fintech incubator that works closely with government partners, including the Central Bank of Bahrain (CBB).
As part of the collaboration, Ripple and BFB will jointly contribute to Bahrain's digital asset ecosystem, including running fintech pilot projects and testing solutions in areas such as cross-border payments, stablecoins, and tokenization.
According to Reece Merrick, Managing Director of Ripple Middle East, the company ultimately aims to provide its digital asset custody solutions and Ripple USD (RLUSD) stablecoin to financial institutions in Bahrain.
BFB was established in 2018 in Manama, Bahrain, as a major fintech hub, supporting fintech and innovation in the region through public-private partnership initiatives with the Bahrain Economic Development Board (EDB) and the FinTech Alliance.
The company has become a key fintech partner of the Central Bank of Bahrain, having announced its collaboration with the CBB before its official establishment at the end of 2017.
The central bank has repeatedly mentioned its cooperation with BFB in official announcements, referring to the company as an important fintech partner in 2018 and 2019.
In June, BFB also participated in the Bahrain-UAE Business Forum hosted by the Bahrain Chamber of Commerce, where BFB executive Tariq Mattar spoke about the development of fintech in Bahrain.
"Bahrain has long been regarded as a financial services hub, and this tradition is further enhanced in the digital asset and blockchain space today," said Suzy Al Zeerah, COO of BFB.
"The partnership with Ripple reflects BFB's commitment to connecting global innovators with the local ecosystem, creating opportunities for pilot projects, talent development, and cutting-edge solutions that will shape the future of finance," the executive noted.
The partnership between BFB and Ripple was established a few months after the Central Bank of Bahrain launched a licensing and regulatory framework for stablecoin issuers in July.
"Under the new stablecoin regulatory provisions, licensed stablecoin issuers are allowed to issue single-currency stablecoins backed by the Bahraini Dinar (BHD), US Dollar (USD), or any other fiat currency accepted by the CBB," the CBB stated in an official announcement on July 4.
Ripple's initiatives in Bahrain mark another milestone in the company's increasingly close ties with global jurisdictions, as it holds over 60 regulatory approvals in countries around the world.
As this news broke, XRP fell to the fifth-largest cryptocurrency by market capitalization on Thursday, after a strong rebound in BNB earlier this week pushed it past XRP to become the third-largest token by market cap.
Related: Three reasons XRP below $3 may just be a temporary phenomenon
Original: “Ripple Introduces RLUSD Stablecoin to Bahrain Through FinTech Bay Partnership”
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