Ripple Strikes Deal With Dubai-Based UAE Exchange

The cryptocurrency market and blockchain companies have been facing a lot of uncertainty lately but it seems some of the players have been overcoming those challenges in their own unique ways. Ripple, which is one of the biggest crypto players recently announced that it signed a deal with the UAE Exchange which is one of the biggest foreign exchanges in the Middle East.

Sources familiar with the matter have revealed that UAE Exchange which is based in Dubai has signed a partnership deal with the blockchain company. The deal is reportedly fueled by the Middle Eastern exchange’s desire to take advantage of blockchain technology to improve its payment systems. The integration will allow customers using the service to experience new and enhanced services.

Promoth Manghat, the CEO of UAE Exchange Group had this to say about the partnership: "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."

The recently announced partnership highlights the fact that Ripple’s enterprise blockchain which is known as RippleNet has been rapidly gaining more traction and popularity. It has already been adopted by more than 100 banks and other financial institutions. This is because the blockchain solution is designed to facilitate instant transparent and seamless payments. The fact that it also involves a highly secure blockchain network makes it an ideal solution.

Manghat also believes that the fact that the UAE Exchange has decided to adopt the blockchain technology will provide a competitive advantage especially due to the fast cross-border transactions. Ripple’s global head of Infrastructure and Innovation, Dilip Rao stated that the partnership has decided to focus on improving the inefficiencies in some of the major areas involving payments.

The Ripple Foundation has its own digital token called XRP which is used within the Ripple blockchain. The cryptocurrency saw a significant increase in popularity especially towards the end of last year due to the fact that it had been receiving a lot of support from banks and credit card companies. The partnership marks a big milestone not only for the exchange but also for Manghat who was recently named as one of the top 50 Indian business men in Arabian Business especially due to his contributions within the financial sector in the UAE. The partnership with Ripple further adds to his portfolio of achievements.