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Highlights
- Ripple signs UAE-based Zand Bank and Mamo to its blockchain payments network.
- Ripple Payments will be used at the center of this synergy.
- XRP down 3.5% amid broader crypto market selloff.
Ripple is growing its presence in the Middle East. The company recently partnered up with two new partners in the UAE, Zand Bank and Mamo. This is just months after getting its license from the Dubai Financial Services Authority (DFSA) in March. These partnerships will help Ripple push to play a bigger role in the region’s cross-border payments space.
Ripple Expands in UAE With New Local Partnerships
Now that it holds a DFSA license, the company is focusing on this growth through Ripple Payments. This platform is designed to deliver quick, low-cost international transfers using blockchain.
Zand Bank, which is a digital-first financial institution, will use Ripple’s technology to upgrade its payments system. The bank also plans to launch a stablecoin tied to the UAE dirham (AED) to embrace blockchain more deeply.
UAE fintech startup Mamo is also tapping Ripple’s system to make cross-border payments faster and more dependable. “We can now scale faster and more securely,” said CEO Imad Gharazeddine, showing the company’s trust in Ripple’s infrastructure.
Ripple Payments currently supports more than 90 global payout markets and has processed over $70 billion in volume worldwide. The platform also uses XRP as a bridge currency in certain routes through its On-Demand Liquidity (ODL) service, which allows for quick currency exchanges and better liquidity.
XRP Price Moves Lower
The price of XRP has dropped 3.5% in the last 24 hours to $2.31, moving in line with a broader decline of the crypto market. Still, Ripple’s ongoing infrastructure push shows the company’s long-term focus on fixing cross-border payment challenges, especially in fast-growing markets like the UAE.
Ripple’s Next Moves
There’s some positive momentum for XRP after a recent legal setback in the Ripple vs. SEC case. Last week, Judge Analisa Torres denied a motion for an indicative ruling, a move that stirred up strong reactions in the XRP community. While the motion didn’t go Ripple’s way, legal experts like John Deaton, Bill Morgan, and Fred Rispoli have weighed in with insights on what this means for the case moving forward. With a revised motion, Ripple hopes to put an end to its long-standing legal woes.
Adding to the news, CME Group is all set to launch XRP futures contracts today. This can be looked at as a major step for the token’s future. This move could help increase XRP’s appeal to institutional investors and support wider adoption.
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