Ripple Gains Dubai Approval, Paving the Way for Blockchain Payment Revolution

Ripple Receives Dubai Approval For Blockchain Payment Services

According to Benzinga, Ripple has received in-principle approval from the Dubai Financial Services Authority (DFSA) to offer blockchain-enabled payment services. This decision allows Ripple to introduce its cross-border payment solutions, including Ripple Payments Direct, across the United Arab Emirates (UAE). Brad Garlinghouse, CEO of Ripple, emphasized that this move positions UAE as a global leader in financial technology due to its forward-thinking regulatory approach.

The article also highlights how other cryptocurrency firms are seeking similar approvals in Dubai. Crypto.com and Binance have already secured provisional licenses for operations within the region. Traditional institutions like Standard Chartered’s SC Ventures are also expanding into crypto spaces by establishing brokerage platforms with DFSA's preliminary approval.

Franklin Templeton Adds Aptos Blockchain To Support Tokenized Money Market Fund

CoinDesk reports that Franklin Templeton is integrating their OnChain U.S. Government Money Market Fund onto the Aptos blockchain network. The fund is valued at $435 million and represents one of the largest tokenized funds available on multiple blockchains such as Ethereum via Arbitrum, Stellar, Polygon, and Avalanche.

Aptos was chosen for its unique characteristics meeting Franklin Templeton's suitability standards for digital asset management through their Benji platform. Roger Bayston from Franklin Templeton noted that this integration aims to bridge decentralized finance with traditional financial systems while providing investors access through innovative technologies.

Franklin Templeton’s Onchain Money Fund Goes Live On Aptos Blockchain

An article from Cointelegraph details how Franklin Templeton launched their FOBXX money market fund on the Aptos blockchain using non-Ethereum Virtual Machine environments powered by the Move programming language. This initiative marks it as a first US-registered mutual fund utilizing blockchain technology initially processed on Stellar Network before moving towards broader integrations.

Bashar Lazaar of Aptos Foundation expressed enthusiasm about connecting TradFi and DeFi worlds alongside EVM networks, enhancing accessibility and furthering decentralization efforts globally. These partnerships were recently announced online, following successful internal trials conducted in late 2023.

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