The Middle East has taken two crypto steps forward – Saudi Arabia is partnering with Ripple (XRP) and Dubai will be establishing the world’s first cold storage crypto vault.
Saudi Arabian banks will be working with Ripple (XRP) to test run Ripple tech.
Ripple’s software, xCurrent, gives banks the ability to instantly settle cross-border payments with end-to-end tracking. Banks in the Kingdom of Saudi Arabia will now be participating in a pilot program that will allow the banks to try out xCurrent. Thanks to Ripple, Saudi Arabian banks will now be able to process cross-border payments. Beyond this, the payments will be able to be processed with greater transparency and lower costs.
The Saudi Arabian Monetary Authority is the second central bank to work with Ripple’s xCurrent. Last year, the Bank of England started working with Ripple.
>> Ripple forms partnership with Western Union to test transactions
In other news, Dubai is planning to set up the world’s first crypto cold storage vault.
The Dubai gold trading company Regal RA DMCC, a subsidiary of Regal Assets, has been given the first cryptocurrency trading license in the Middle East. The company plans to then set up a cold storage vault for crypto.
How does cold storage for crypto work? Crypto investors will be able to store their coins offline in what Regal RA DMCC is calling the “most secure precious metal facilities in the world.” When crypto is stored in the company’s vault, the assets will be “physically insured” against natural disasters and hacks.
The company may be going to all this trouble because it considers cryptocurrency assets to be commodities rather than a form of payment.
Dubai hasn’t been shy when it comes to the crypto sphere. In the past, the city-state released its very own local-government backed cryptocurrency called emCash.
>> Check out the Crypto Olympics
Featured image: moshehar