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.
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.