When it comes to the world of cryptocurrencies and blockchain technology, many have a strong belief that while cryptocurrencies are making a lot of noise right now, in the long-term, the blockchain technology would be a bigger success. Blockchain systems are changing the world. Ripple, which focuses on improving payment technologies around the world, is one of the most popular names in the cryptocurrency ecosystem.
Over the past few months, Ripple has been working on a major expansion strategy. While the technology was largely confined to the Western and European nations in the past, they have also been expanding to a number of names in Asia as well. The organization recently teamed up with Hong-Kong based LianLian for cross-border payments to China and Europe. Their latest tie-up with UAE Exchange is all set to Ripple make an entry into the Middle-Eastern markets.
As per reports, the partnership between UAE Exchange and Ripple will help UAE Exchange make use of Ripple’s technologies to power payments across their network. The UAE Exchange is now a part of the RippleNet Network, which makes use of the blockchain technology for real-time international payments.
Promoth Manghat, CEO of UAE Exchange has commented on this partnership with Ripple, stating: Incorporating Ripple’s blockchain technology into our payments systems will bring customers an enhanced, new payments experience. 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.
Ripple has been teaming up with a number of international names such as LianLian, MoneyGram, and now UAE Exchange over the past few months to boost up their payments network and to gain more partners. However, most of their partners are interested in using the payments transfer technology that Ripple provides and not the use of XRP cryptocurrency tokens for transferring money.
For Ripple, this partnership is of quite a strategic value. Their technology has been used by various major institutions in the Western nations. However, the Asian and Middle Eastern markets are yet to open up. With this partnership, Ripple hopes to find more partners in the region over the long run.
The UAE Exchange CEO has been a blockchain enthusiast for quite some time. In a previous interview, Promoth Manghat had stated: Personally, I am a big champion of Blockchain and foresee its disruptive potential not merely in the financial services industry but across a gamut of industries. Fundamentally what Blockchain does is establishing transparency and trust and thereby reducing transaction costs … On the face of it, the average consumer may never know about blockchain, but indirectly he will reap the benefits of the efficiencies it brings forth across industries in his everyday life.
Ripple has been around for quite some time now, but it gained mainstream popularity only when the news around the spike in the price became mainstream. Over the course of 2017, Ripple (XRP) gained 36,000% in price. The currency started the year at a price of $0.005 - and attained an all-time high of $3.75 in early 2018. This monstrous growth that the currency showed made it a popular, mainstream name.