Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
This is the first money transfer deal from the middle east to establish instant money transfer.
Ripple continues to push itself to have a bigger footprint of its blockchain service around the globe and this time the blockchain startup has inked a deal with UAE exchange – a foreign exchange giant owned by Travelex billionaire Bavaguthu Shetty.
This deal aims at establishing instant cross-border payments and is the first global money transfer deal from the middle east to offer real-time and seamless payments solution. While making a public announcement, the UAE exchange tweeted:
#UAEExchange partners with @Ripple for instant cross-border payments & becomes the first global #money_transfer business in Middle East to offer real-time, seamless #payment solutions using #blockchain technology. Read more: https://t.co/iXbUycOB6b pic.twitter.com/vC8cagF3s9
— UAE Exchange (@uaeexchange) February 11, 2018
CEO of UAE Exchange Group – Promoth Manghat said: “Incorporating Ripple’s blockchain technology into our payments systems will bring customers an enhanced, new payments experience. The early adoption of this game-changing technology allows us to offer a competitive service, as it will have an impact on the speed and cost of cross-border transactions. We are proud to deliver the future of payments with Ripple.”
The UAE Exchange currently grabs a 6.75% share of the global remittance market which is worth $575 million and wants to increase this to 10% by 2020. With over 800 branches spread across a horizon of 30 countries, this will turn out to be the largest UAE-based exchange to integrate blockchain technology in its daily operations.
While commenting on this new deal, Ripple’s global head of infrastructure Dilip Rao said: “We chose to focus on solving inefficiencies in key corridors where payment flows are significant and growing. Adding a market leader like UAE Exchange to RippleNet will bring instant, certain, low-cost payments to the millions of retail customers in the UAE who send money abroad”.
Ripple seems to be on a very serious expansion in the past two months with several financial institutions around the globe collaborating with this San Francisco-based blockchain startup for testing blockchain-based payments solutions and services.
Ripple has recently collaborated with some big names like MoneyGram, IDT Corporation, Mercury FX, Banco Santander and LianLian International. While a few of these are using Ripple’s xCurrent technology without the use of XRP tokens, some others are also using the XRapid solution which provides on-demand liquidity and makes use of the XRP tokens.
Ripple’s rise to popularity started last year in 2017 when it received a backing from more than 100 companies for using its blockchain solutions which included many Korean and Japanese credit card companies.
At the end of 2017, Ripple price jumped above $3 and was trading at its all-time high with around $150 billion valuations then. However, in the latest meltdown of the overall crypto market, Ripple too has fallen sharply, but currently has been in a recovery mode in the past one week.
Currently, at the press time, Ripple is trading for $1.06 with $41 billion valuations, according to CoinMarketCap.