Ripple Partners with UAE Exchange

UAE Exchange is the latest organisation to join RippleNet
12 February 2018   669

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.

Regulation Expert: Ether and Ripple convinced Securities

Gary Gensler, former Obama administration financial regulator, supposes ether and ripple appear as unregistered securities, and in present violation of the law
24 April 2018   60

His words bring a substantial weight in the broader financial community. They also come after enterprise capitalists and lawyers put in ether projects met secretly with the US Securities and Exchange Commission (SEC) to head off such provision. the representatives for both coins insist they’re not securities. 

Former Obama CFTC head Gary Gensler is speaking about cryptocurrencies in the framework of his appointment to the Massachusetts Institute of Technology (MIT). He is thinking upon the crypto’s future relatively to regulation.

He’s concentrated on two of the most popular cryptocurrencies - ether and ripple, as potentially in future supposed to become securities. Should that happen, many experts consider it would herald the drop of both ones. Securities regulation imposes a host of legal burdens upon registrants, and costs to comply are often prohibitive and onerous. 

2018 is going to be a very interesting time. Over 1,000 previously issued initial coin offerings, and over 100 exchanges that offer I.C.O.s, are going to need to sort out how to come into compliance with U.S. securities law. 
Gary Gensler, former chairman, Commodity Futures Trading Commission

He believes that Bitcoin and other resemble currencies are decentralized to such an extent as to not trigger regulation. But that’s not so obvious in the cases of ether and ripple, both of which Mr. Gensler insists are in  breach of securities law.