Ripple has gone under criticism starting late, with a gigantic sell of XRP took after by suspicion with regards to the number of financial institutions even intrigued by utilizing the third-positioned cryptocurrency in any case. Notwithstanding, Ripple has fired back at the haters by accumulating another critical accomplice.
#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 based Exchange has started a new Partnership with Distributed ledger Company Ripple for cross-border payment Transactions with the motive to reduce charges and frictions linked to such transactions. In statements, UAE Exchange said it was looking to deploy the tech in a bid to boost its competitive edge in the market for remittances.
“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, the company’s chief executive, was quoted as saying by Business Insider.
The company will not be going to use ripple’s token XRP, instead, they are going to use ripple’s stack technology for those Transactions.
” 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.”