Ripple has come under criticism as of late, with a massive sell-off of XRP followed by skepticism as to the number of financial institutions even interested in using the third-ranked cryptocurrency in the first place. However, Ripple has fired back at the haters by garnering another significant partner.
According to Business Insider, Ripple has penned a deal with major foreign exchange UAE Exchange, who is interested in using the blockchain technology to power their payments.
A remittance firm based in Abu Dhabi has inked a new partnership with distributed ledger startup Ripple.
UAE Exchange will use the company’s RippleNet product for cross-border transactions, with the aim of reducing the cost and frictions associated with such transactions. It was reported last year that the company, which says it operates nearly 800 branch locations in 31 countries, was eyeing a deal to use Ripple’s technology.
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.
Source – https://www.coindesk.com/ripple-announces-partnership-with-mid-east-uae-exchange/
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