Ripple has just witnessed a month of massive sell off while the rate of XRP is down by almost 75% from its all-time high of 3.5$. However, it has continuously made progress by making new partnerships and adding powerful clients to its portfolio.
Another such instance includes the latest deal made by Ripple with UAE giant exchange. The foreign exchange has now signed a deal with ripple for cross border payments.
#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
UAE Exchange CEO Promoth Manghat said in a statement: “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.”
Promoth Manghat is a billionaire who already owns Travellex. UAE Exchange claims to have 6.75% share of $575 billion market. It aims to increase that to 10% in next couple of years.
Ripple and XRP are often mixed up and people usually think both are same. However, Ripple is the institution whereas XRP is their token used for cross border payments. It is yet to be seen if XRP will be actually used by UAE Exchange or only they will be using blockchain technology by RippleNet. However, if XRP is used it will definitely increase the value of XRP.
On the other hand, Dilip Rao was quite excited by this new partnership and said, “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.”
“We chose to focus on solving inefficiencies in key corridors where payment flows are significant and growing, “said Dilip Rao, Ripple’s global head of infrastructure.
Other Major Deals:
Despite recent criticism and panic sell offs, Ripple is making steady progress and this deal comes at a good time for those who have high stakes and confidence in Ripple. Over previous month, it has already partnered with Chinese Payment Provider LianLian, whereas, there are news circulating that Federal Reserve might choose to use Ripple for cross border payments. Also Ripple is being tested by MoneyGram for payments after their recent partnership.