Ripple stated in a press release Friday, Feb 10 its partnership with UAE Exchange. This partnership seems to primarily focus on instant, seamless and real-time cross-border payments. According to the press-release; this makes UAE Exchange the largest payment solutions provider in the Middle East to use Ripple’s blockchain technology to process payments globally in real time. Before this partnership, UAE Exchange was already one of the largest payment solution brands in the world.
Promoth Manghat, Chief Executive Officer of UAE Exchange Group, said “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.” Then adding “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.”
UAE is only one of the many large financial institutions who’ve looked to Ripple for their move to Cryptocurrencies. Some include RBC (Royal Bank of Canada), MUFG, Bank of America, Credit Agricole, Mizuho Financial Group, Santander, Cuallix, UBS, and Standard Chartered.
As many crypto-enthusiasts still have a strong dislike for Ripple, they seem to be making a strong move in making cryptocurrencies become a part of our modern day-to-day financial system.