Ripple said it signed two new UAE-based customers, Zand Bank and Mamo, as it expands Ripple payments, the Cross-Border payment platform based on the firm, in the region.
The agreements complied with the Ripple secured by a license from the Dubai Financial Services Authority (DFSA) in March, allowing it to manage global end-to-end payments for banks, fintech and crypto firms.
“Securing our DFSA license allows Ripple to better serve demand for solutions to the efficiency of traditional cross-border payment,” Reece Merrick, Managing Director for the Middle East and Africa in Ripple, said on a release of Monday.
Zand Bank said the collaboration aligned with pushing towards digital finances. “We are excited to launch an AED-back Stablecoin,” said Chirag Samat, head of Treasury and Markets.
Imad Gharazeddine, MAMO’s CEO and co-founder, said using Ripple’s services that allow the company to offer “faster and more reliable cross-border payment” for both businesses and consumers looking to measure their UAE operations.
Ripple payments are currently operating in more than 90 payout markets and processed more than $ 70 billion in volume worldwide. The platform is available in Dubai, US, Brazil, Mexico, Australia and Switzerland.
Ripple uses a global network of Blockchain payout and infrastructure partners to transfer money in minutes. In some cases, it also uses folk digital assets, XRP, as a currency bridge through the on-demand service (ODL) service, allowing clients to immediately convert a Fiat Currency to another using the token.
XRP prices dropped by 3.5% in the past 24 hours amid a broader market collapse. The CoinDesk 20 index dropped by 3.4%.
