Ripple UAE exchange partnership
The third largest cryptocurrency, Ripple inks a massive deal with the exchange giant UAE exchange. UAE exchange will now be incorporating XRP’s blockchain technology for international payments. Here’s all you need to know about Ripple UAE exchange partnership deal.
UAE exchange’s say on the deal
The Ripple UAE exchange partnership didn’t come as a surprise for the payment platform. The CEO of UAE Exchange, Promoth Manghat has always been a blockchain technology enthusiast. Previously, he has been spotted appreciating the power of blockchain technology and the benefits it offers to its users. In an interview, he said:
“The average consumer may never know about blockchain, but indirectly he will reap the benefits of the efficiencies it brings forth across industries in his everyday life.”
But this time, he takes a step ahead to incorporate RippleNet in his daily operations. RippleNet is Ripple’s indigenous blockchain network of over 100-member financial institutions and banks. Such blockchain based networks have been known to be one of the most optimized platforms for instant, seamless transparent transactions, thus being increasingly adopted by the financial industry.
Realizing the worth of Ripple’s blockchain technology and the efficiency it can add to their existing payment technology, Manghat says:
“Our growth strategy has always been, and continues to be, driven by our customer-centric approach. Incorporating Ripple’s blockchain technology into our payments systems will bring customers an enhanced, new payments experience,”
He believes blockchain technology is no less than a “game changer” and its incorporation will allow them to offer best in industry service to their customers. He further highlights the advantage of this addition on the speed and cost of international transactions and proudly announces the news of delivering “future of payments with Ripple”
“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."- Manghat.
Ripple UAE exchange partnership – a boon for Ripple
Ripple has been facing skepticism for quite a few weeks and has slipped down to as low as $ 0.60. Under such circumstances, partnering with a leading global money transfer like UAE exchange is surely a boon.
Dilip Rao, Global Head at Ripple considers the Ripple UAE partnership as a way to resolve the “inefficiencies” of payment flows. He believes that joining hands with a global payment platform will eventually improve customer experience on grounds of transaction speed and cost. He says:
"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."