Ripple, an issuer of XRP, signed an agreement with the UAE Exchange, to work in the field of international transfers.
The CEO of the UAE Exchange Promot Manghat spoke highly of the technology that Ripple offers:
The inclusion of Ripple technology in our payment system will allow us to offer a completely new experience to our customers. This technology, which completely changes the rules of the game, directly affects the speed and cost of international transfers.
The UAE Exchange states that they control 6.75 percent of the international money transfer industry with a total capitalization of 575 billion, and they hope that by 2020 their share will be 10 percent. Currently, UAE Exchange has 800 branches in 30 countries.
Neither Ripple nor UAE Exchange reported details of the transaction, so it’s unclear whether the Exchange UAE will use XRP or not. Dilippe Rao of Ripple commented on this partnership.
The fact that the UAE Exchange has joined RippleNet will allow millions of retail customers of the UAE Exchange to make international money transfers quickly and inexpensively.
In an interview for Arabian Business, Manghat was delighted with the possibilities of crypto-currency.
The average consumer, perhaps, will never know about the blockade, but indirectly he will take advantage of the advantages of this technology.
Although this deal is certainly beneficial for Ripple, this is not a complete surprise. Last month, Ripple signed an agreement with MoneyGram to work on a pilot project.