Ripple Partners with UAE Exchange

UAE Exchange is the latest organisation to join RippleNet
12 February 2018   1162

Ripple has partnered with UAE Exchange to help handle cross-border exchanges. The partnership makes UAE Exchange the latest organization to join RippleNet, Ripple’s network that uses the company’s blockchain technology to handle international payments.

Incorporating Ripple’s blockchain technology into our payments systems will bring customers an enhanced, new payments experience. The early adoption of this game-changing technology allows us to offer a competitive service, as it will have an impact on the speed and cost of cross-border transactions.

 

Promoth Manghat

CEO, UAE Exchange

UAE Exchange says it controls 6.75% of the $575 billion remittance industry and is hoping to control 10% by 2020. Currently, the UAE Exchange has 800 branches spanning 30 countries.

Dilip Rao, global head of infrastructure innovation at Ripple, said that market leader like UAE Exchange to RippleNet will bring instant, certain, low-cost payments to the millions of retail customers in the UAE who send money abroad.

It is unclear whether UAE Exchange will actually use XRP in its processes. The cryptocurrency is used by Ripple for offering liquidity to institutions but not for international transfer. This nuance is not always made clear.

Crypto Won't Replace Fiat, XRP CEO Says

But head of Ripple believes that cross-border payments are the sphere in which cryptocurrencies can be an ideal solution
05 September 2018   424

Ripple's CEO Brad Garlinghouse is convinced that the fiat currency will not lose relevance in the near future and called "senseless" the possible replacement of traditional currencies with digital assets. The future of crypto currency lies in cross-border transactions, Garlinghouse said in the Stanford Legal podcast. This is reported by CoinSpeaker.

I don’t think we’re going to be buying coffee at Starbucks with Bitcoin or XRP anytime soon. I think we’ve got to ask ourselves: What problem is that solving? You were talking about paying for the day spa bill and how you do that, but I think in some ways the friction – fiat currency, the US dollar in this case works pretty well, and so we need to make sure it’s better than that before we talk about it as a currency…
 

Brad Garlinghouse

CEO, Ripple

According to Garlinghouse, cryptocurrencies can be used in the st way in international payments and as a means of preserving value. This is especially true of crisis and weak economies, with a high level of inflation. He noted that the average annual inflation of the currencies of countries outside the G20 is about 6%.

There are economies where the fiat currency is at best a weak currency. And in those contexts, if I were a consumer experiencing hyperinflation – would you rather hold a cryptocurrency or your fiat currency? And in a lot of those cases, you’re seeing people take their dollars, or not dollars, pesos of various sorts, and saying, ‘I’d rather hold this because it’s a better asset to hold in terms of its potential appreciation and lack of inflation.
 

Brad Garlinghouse

CEO, Ripple

The head of Ripple stressed that cross-border payments are the sphere in which cryptocurrencies can be an ideal solution. He also noted the Ripple, which allows to conduct international transactions "almost in real time". This will help many companies save time and resources.

We had one of the largest banks in Australia, the CEO told me that 40% of all of their consumer wire transfers result in a customer service phone call. The frustrating thing for the bank is not only do they have to absorb the cost of taking a customer service phone call, they also deliver the news that they don’t know wait a couple more days it’ll probably be there.
 

Brad Garlinghouse

CEO, Ripple

Earlier, the Northern District Court of California rejected a class action lawsuit filed by investor Ryan Coffey against Ripple Labs Inc. on behalf of everyone who bought XRP tokens after January 1, 2013. The company was accused of illegally manipulating the price of XRP.