Ripple said that he had signed two new customers based in the United Arab Emirates, Zand Bank and Mamo, because he widens the Ripple payments, the cross-border payment platform based on the company’s blockchain, in the region.
The agreements follow Ripple obtaining a license from the Dubai Financial Services Authority (DFSA) in March, which allows it to manage global payments from start to finish for banks, fintechs and cryptographic companies.
“The security of our DFSA license allows Ripple to better respond to the demand for solutions to the ineffectiveness of traditional cross-border payments,” said Reece Merrick, director general of the Middle East and Africa in Ripple, in a press release on Monday.
Zand Bank said the partnership is line up with its push towards digital finance. “We are delighted to launch a stablecoin soon to support AED,” said Chirag Sampat, Treasury and Markets.
Imad Gharazddine, CEO and co-founder of Mamo, said that the use of Ripple services allows the company to offer “faster and more reliable cross-border payments” for companies and consumers who seek to evolve their water operations.
Ripple Payments is currently working on more than 90 payment markets and has treated more than $ 70 billion in volume worldwide. The platform is available in Dubai, the United States, Brazil, Mexico, Australia and Switzerland.
Ripple uses a global network of Payment and Infrastructure Partners in Blockchain to move money in a few minutes. In some cases, it also uses its native digital asset, XRP, as a bridge currency via its liquidity service on demand (ODL), allowing customers to instantly convert a fiduciary currency into another using the token.
XRP prices have dropped by 3.5% in the last 24 hours in the middle of a broader collapse of the market. The Coindesk 20 index dropped by 3.4%.
