This is the Ripple’s answer to big crypto exchanges which deem it low-level cryptocurrency.
Ripple XRP is the third largest coin by market capitalization and has recently crossed $1 barrier with a constant price. Ripple has come under criticism as of late, where major crypto exchanges including CoinBase refused to add it on their platform. As of now, Ripple has made a strong come back, following the news that UAE Exchange is joining Ripple’s RippleNet network for cross-border payments.
The foreign exchange giant UAE Exchange has signed a deal with San Francisco based fintech players Ripple on cross-border payments. UAE Exchange, which has recently show interests in using the Blockchain technology to power their payments, has finally made a strong partner. Whereas, this comes as another milestone for the coin, after the partnership of Ripple with Money Gram for quick transactions. According to Dilip Rao, global head of infrastructure innovation at Ripple,
“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.”
UAE Exchange’s CEO Promoth Manghat considers himself as a big champion of Blockchain. He seems quite motivated with the partnership as he says,
“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.”
It is still unclear that whether UAE Exchange will actually use XRP in its processes or not. The cryptocurrency is used by RippleNet for offering liquidity to institutions but has not been used for international transfer so far. This variation is not always made clear.