Ripple has 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. These agreements follow Ripple securing 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.
This expansion signifies Ripple’s growing influence in the Middle East, a region actively embracing fintech innovations. By partnering with local financial institutions, Ripple enhances its global network, facilitating faster and more cost-effective cross-border transactions.
The use of XRP as a bridge currency can potentially increase its utility and adoption. However, regulatory challenges and competition from other payment solutions remain factors to watch.
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