Ripple, a leading blockchain technology company, is significantly strengthening its presence in the United Arab Emirates (UAE) by incorporating two major financial entities based in the country: Zand Bank and the payment fintech Mamo. These new alliances will boost the adoption of Ripple Payments, the company's blockchain-based cross-border payment platform, in the region.

This strategic move comes after a crucial regulatory achievement for Ripple: the obtaining of a license from the Dubai Financial Services Authority (DFSA) in March. This license enables Ripple to comprehensively manage global payments for a wide range of financial institutions, including traditional banks, fintech companies, and cryptocurrency sector firms.

Reece Merrick, managing director of Ripple for the Middle East and Africa, highlighted the importance of this license to meet the growing demand for solutions that enhance the efficiency of historically slow and costly cross-border payments.

Details of the New Collaborations:

* Zand Bank: This bank based in the UAE sees its partnership with Ripple as a fundamental step in its strategy to advance towards digital finance. A notable aspect of this collaboration is the announcement by Chirag Sampat, head of treasury and markets at Zand Bank, regarding the upcoming launch of a stablecoin backed by the Emirati dirham (AED). While it was not directly specified whether this stablecoin will be directly integrated with Ripple's technology, the mention in the context of the partnership suggests a possible synergy in the future of digital payments in the country.

* Mamo: This payment fintech, also based in the UAE, will benefit from Ripple's infrastructure to offer faster and more reliable cross-border payments for both businesses and consumers looking to expand their operations inside and outside the UAE. Imad Gharazeddine, CEO and co-founder of Mamo, emphasized how Ripple's technology will significantly improve the user experience regarding international transfers.

Scope and Technology of Ripple Payments:

Ripple Payments already has a considerable presence in the global market, operating in over 90 payment markets and having processed a total volume of over $70 billion. The platform is currently available in strategic locations such as Dubai, the United States, Brazil, Mexico, Australia, and Switzerland.

The underlying technology of Ripple is based on a global network of payment partners and a blockchain infrastructure designed to facilitate money transfer quickly, often within minutes. In certain transactions, Ripple uses its native cryptocurrency, XRP, as a bridge currency through its On-Demand Liquidity (ODL) service. ODL allows customers to instantly convert one fiat currency to another using XRP as an intermediary, potentially reducing the costs and processing times associated with traditional currency exchange methods.

Cryptocurrency Market Context:

Despite these positive news for Ripple, the price of XRP experienced a drop of 3.5% in the last 24 hours. This indicates that while the adoption and expansion of Ripple's technology are significant, the price of its native digital asset is also subject to the overall volatility of the cryptocurrency market.

In summary, Ripple's expansion in the UAE, backed by a new regulatory license and the incorporation of Zand Bank and Mamo as clients, represents an important advance for the adoption of blockchain-based cross-border payment solutions in the region. These alliances have the potential to improve the efficiency, speed, and reliability of international payments for both businesses and individuals in the UAE.$XRP