Skip to main content

Ripple expands its domain and enters partnership with UAE Exchange

Ripple, the company behind XRP, has signed a deal with UAE Exchange to help handle cross-border exchanges. This deal makes UAE Exchange the latest organization to join RippleNet, Ripple’s network that uses the company’s blockchain technology to handle international payments, Business Insider reports.

UAE Exchange’s CEO Promoth Manghat released a statement praising Ripple’s technology as “game-changing.”

Recommended Videos

“Incorporating Ripple’s blockchain technology into our payments systems will bring customers an enhanced, new payments experience,” Manghat said. “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.”

UAE Exchange, whose owner also owns Travelex, says it controls 6.75 percent of the $575 billion remittance industry and is hoping to control 10 percent by 2020. Currently, the UAE Exchange has 800 branches spanning 30 countries.

The deal is a boon for Ripple, which has faced some skepticism in recent weeks, thanks in part to a strong showing of the company’s XRP cryptocurrency. In December of last year, XRP rose to $3.65. It has since fallen, and is currently valued at $1.05.

It currently isn’t clear whether UAE Exchange will make use of XRP or just adopt the underlying blockchain as a way to quickly and securely facitiate international money transfers. Neither Ripple nor UAE Exchange has commented on the specifics of the deal. However, a representative of Ripple did provide a brief statement on the benefits of this deal.

“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,” said Ripple’s Dilip Rao.

While this deal is certainly advantageous for Ripple, it isn’t a complete surprise. In an interview with Arabian Business, Manghat was enthusiastic about the possibilities of cryptocurrencies.

“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,” Manghat said.

This is far from the first such deal that Ripple has reached. Last month, Ripple entered into an agreement with MoneyGram to develop a new “payment flow” network.

Eric Brackett
Former Digital Trends Contributor
Twinkly expands its dazzling smart light lineup with bendable lights and more
twinkly expands its lineup year round use ces 2021 flex 1 of 2

 

Twinkly has dominated the holiday smart light market for several years, but now the company has announced smart lights intended for year-round use at CES 2021. We're certainly excited for this new endeavor considering how dazzling its lights are versus those of its competitors.

Read more
Facebook expands its ban on QAnon conspiracy theory accounts
facebook hacked

 

Facebook has announced a blanket ban on QAnon accounts in a bid to drastically cut down on content supporting the radical conspiracy theory group.

Read more
Google expands its seasonal savings program to all Nest Thermostat owners
lowes spring black friday nest smart thermostat deals  t3007es learning

 

No one wants a budget-busting utility bill, but no one wants to sweat inside their own home, either. With summer here and temperatures on the rise, Nest has a new feature that may help. The Seasonal Savings tool was previously available only to Nest Thermostat users who were customers of utility companies that offered a Seasonal Savings program, but the feature is now available to all Nest Thermostat owners for free.

Read more