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Ripple Signs Two More Payment System Customers in UAE Expansion
The agreements follow Ripple securing a license from the Dubai Financial Services Authority (DFSA) in March.
What to know:
- Ripple added UAE-based Zand Bank and Mamo as customers as it expands its blockchain-based cross-border payments platform in the region.
- The agreements follow Ripple's acquisition of a license from the Dubai Financial Services Authority, enabling it to manage global payments for banks and fintechs.
- Ripple Payments operates in over 90 markets and has processed more than $70 billion globally, using XRP as a bridge currency in some transactions.
Ripple said it signed on two new UAE-based customers, Zand Bank and Mamo, as it expands Ripple Payments, the firm’s blockchain-based cross-border payments platform, in the region.
The agreements follow Ripple securing a license from the Dubai Financial Services Authority (DFSA) in March, allowing it to manage global payments end-to-end for banks, fintechs and crypto firms.
STORY CONTINUES BELOW
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“Securing our DFSA license enables Ripple to better serve the demand for solutions to the inefficiencies of traditional cross-border payments,” Reece Merrick, managing director for Middle East and Africa at Ripple, said in a Monday release.
Zand Bank said the partnership aligns with its push toward digital finance. “We are excited to soon launch an AED-backed stablecoin,” said Chirag Sampat, head of treasury and markets.
Imad Gharazeddine, CEO and co-founder of Mamo, said using Ripple’s services allows the company to offer “faster and more reliable cross-border payments” for both businesses and consumers looking to scale their UAE operations.
Ripple Payments currently operates in over 90 payout markets and has processed more than $70 billion in volume globally. The platform is available in Dubai, the U.S., Brazil, Mexico, Australia and Switzerland.
Ripple uses a global network of payout partners and blockchain infrastructure to move money in minutes. In some cases, it also uses its native digital asset, XRP, as a bridge currency through its On-Demand Liquidity (ODL) service, allowing clients to instantly convert one fiat currency to another using the token.
XRP prices are down 3.5% in the past 24 hours amid a broader market slump. The CoinDesk 20 Index has dropped 3.4%.
Shaurya Malwa
Shaurya is the Co-Leader of the CoinDesk tokens and data team in Asia with a focus on crypto derivatives, DeFi, market microstructure, and protocol analysis.
Shaurya holds over $1,000 in BTC, ETH, SOL, AVAX, SUSHI, CRV, NEAR, YFI, YFII, SHIB, DOGE, USDT, USDC, BNB, MANA, MLN, LINK, XMR, ALGO, VET, CAKE, AAVE, COMP, ROOK, TRX, SNX, RUNE, FTM, ZIL, KSM, ENJ, CKB, JOE, GHST, PERP, BTRFLY, OHM, BANANA, ROME, BURGER, SPIRIT, and ORCA.
He provides over $1,000 to liquidity pools on Compound, Curve, SushiSwap, PancakeSwap, BurgerSwap, Orca, AnySwap, SpiritSwap, Rook Protocol, Yearn Finance, Synthetix, Harvest, Redacted Cartel, OlympusDAO, Rome, Trader Joe, and SUN.
