The Ripple effect: XRP signs deal with UAE Exchange to help cross-border interchange

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The Ripple effect: XRP signs deal with UAE Exchange to help cross-border interchangeGETTY

Ruffle has signed a deal with UAE Exchange

UAE Exchange – a foreign exchange players – currently controls 6.75 percent of the $575billion remittance manufacture and aims to control 10 percent by 2020. 

Remittance is a transfer of money by a remote worker to an individual in their home country.

Promoth Manghat, CEO of UAE Commerce, believes adopting Ripple’s (XRP) technology could be “game-changing”.

Mr Manghat judged: “Incorporating Ripple’s blockchain technology into our payments systems choose bring customers an enhanced, new payments experience. The early adoption of this game-changing technology permits us to offer a competitive service, as it will have an impact on the speed and rate of cross-border transactions.”

At this blink it is not clear if UAE Exchange, which has 800 branches in 30 different sticks, will use XRP or simply adopt the blockchain it uses. 

The two companies have not yet proved all the details behind the deal. 

Dilip Rao global head of infrastructure invention at Ripple said: “Adding a market leader like UAE Exchange to RippleNet bequeath bring instant, certain, low-cost payments to the millions of retail characters in the UAE who send money abroad.”

Despite the recent clampdowns on cryptocurrencies and rusticate in prices of majority of the digital assets, Mr Manghat is a believer in cryptocurrency.

Mr Manghat implied: “The average consumer may never know about blockchain, but indirectly he disposition reap the benefits of the efficiencies it brings forth across industries in his mediocre life.”

Last month, Ripple also teamed up with US flush transfer giant MoneyGram.

MoneyGram, based in Dallas, Texas, desire use the XRP cryptocurrency to speed up and reduce the cost of transferring money through Cats-paw’s payment network xRapid.

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