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UAE Exchange Signed Ripple for Overseas Payments

Feb 13, 2018 Posted /  3561 Views

UAE Exchange Signed Ripple for Overseas Payments

Recently, ripple signed a partnership agreement with a UAE exchange organization. XRP will serve it for overseas transactions. By doing this, UAE Exchange managed to become first of its kind in the middle-east region. Now UAE Exchange will be providing instant and seamless international money transfer experience.

“#UAEExchange partners with @Ripple for instant cross-border payments & becomes the first global #money_transfer business in the Middle East to offer real-time, seamless #payment solutions using #blockchain technology.” – Twitted by UAE Exchange

In an interview with Viraldocks, the CEO of UAE Exchange, Promoth Manghat expressed his felicity by saying that through incorporating XRP with UAE Exchange system and opting for Blockchain Technology for the Finacial purpose , now the exchange will be able to provide an enhanced experience to its customers. As Blockchain technology provides an instant and cost-saving transaction benefits,  the CEO believes that now they will be able to provide a competitive service.

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The CEO of UAE Exchange , Promoth Manghat is a billionaire who is part of investors in cryptocurrency. He already owns crypto Travellex.

In its further report, UAE Exchange claimed that it possess 6.75% of $575 Billion market and further thinking of expanding it into 10%.  

Ripple’s global Head of infrastructure, Dilip Rao appreciating the UAE Exchange move said that it would help many UAE based retail customers to send money across boundaries in very low-cost.

“We chose to focus on solving inefficiencies in key corridors where payment flows are significant and growing, “- Dilip Rao

Another giant partnership initiated by Ripple is with Bavaguthu Shetty, a Foreign exchange giant holder. He is one of the initial members who supported usage of virtual tokens and opted XRP for its international payments. Ripple has entered into partnership with a chinese payment provider LianLian as well and tested by MoneyGram too.

Despite of major criticism received by  Ripple, it has managed to turn the tables in its favor.  

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