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Ripple Partners with UAE Exchange for Cross-Border Payments

| Updated
by Bhushan Akolkar · 3 min read
Ripple Partners with UAE Exchange for Cross-Border Payments
Photo: UAE Exchange / Twitter

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:

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.

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Bhushan Akolkar

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.

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