RIPPLE LAUNCHED BLOCKCHAIN-BASED CROSS-BORDER PAYMENTS IN THE UAE.🚨

The two main partners, Zand Bank and Mamo, will use Ripple Payments, a platform that combines stablecoins, cryptocurrencies, and fiat currency to enable payments.

Ripple, the creator of the cryptocurrency XRP ($XRP ), launched blockchain-based cross-border payments in the United Arab Emirates (UAE), a development that could boost cryptocurrency adoption in a country receptive to digital assets.

Zand Bank, the first fully digital bank in the UAE, and Mamo, a fintech company that offers a digital payment platform for businesses, will be the main users of the blockchain payment system, according to a Ripple announcement from May 19.

Zand Bank and Mamo will use “Ripple Payments” to facilitate blockchain-based cross-border payments.

Ripple Payments is a platform that combines stablecoins, cryptocurrencies, and fiat to enable payments and fast settlement times, a feature of Web3 that is often lacking in traditional cross-border payment systems. Ripple was authorized to offer cryptocurrency payments by the Dubai Financial Services Authority (DFSA) in March.

Reece Merrick, managing director of Ripple for the Middle East and Africa, stated that obtaining this license “allows Ripple to better address the demand for solutions to the inefficiencies of traditional cross-border payments, such as high fees, long settlement times, and lack of transparency, in one of the largest cross-border payment hubs in the world.”