🇸🇦 Ripple's Blockchain Agreement with Saudi Bank
Ripple has signed a memorandum of understanding with Riyad Bank's innovation unit Jeel, aimed at exploring the use of blockchain technology in Saudi Arabia's financial infrastructure. Under this partnership, work will specifically focus on cross-border payments, digital asset custody, and asset tokenization, which is part of the strategy to diversify the economy under Saudi Arabia's Vision 2030.
According to Ripple's Senior Executive for the Middle East and Africa, Raees Merick, the involvement of large institutions like Riyad Bank could lay the foundation for a blockchain-based financial system in the future. With assets exceeding $130 billion, it becomes clear that Saudi Arabia is moving towards the serious adoption of blockchain despite a cautious approach, especially as the UAE has already taken the lead in this field through a regulated digital asset framework.
#RippleUpdate
#blockchain
#Tokenization $XRP
Ripple has signed a memorandum of understanding with Riyad Bank's innovation unit Jeel, aimed at exploring the use of blockchain technology in Saudi Arabia's financial infrastructure. Under this partnership, work will specifically focus on cross-border payments, digital asset custody, and asset tokenization, which is part of the strategy to diversify the economy under Saudi Arabia's Vision 2030.
According to Ripple's Senior Executive for the Middle East and Africa, Raees Merick, the involvement of large institutions like Riyad Bank could lay the foundation for a blockchain-based financial system in the future. With assets exceeding $130 billion, it becomes clear that Saudi Arabia is moving towards the serious adoption of blockchain despite a cautious approach, especially as the UAE has already taken the lead in this field through a regulated digital asset framework.
#RippleUpdate
#blockchain
#Tokenization $XRP