Ripple’s XRP enters BitOasis

Global demand for Ripple’s asset is soaring despite the current lower price
29 January 2018   267

UAE’s top cryptocurrency exchange platform will open deals for Ripple’s XRP later this week, on January, 30th. Those interested in the purchase can acquire the token via AED wire transfers or UAE-issued credit cards. With the Ripple’s native asset, the exchange can now offer 3 cryptocurrencies with Bitcoin and Ethereum.

Earlier this month, around January, 10th NBD, Dubai’s biggest bank, halted the transactions of major cryptocurrency platforms, including BitOasis, hiding behind such statements as “some transactions associated with Bitcoin may be rejected by Emirates NBD or as a result of rejections by other domestic or international correspondent banks due to policies, systems and controls to detect and prevent financial crime including money laundering, terrorist financing and breaches of international sanctions.”

On a side note, another UAE’s bank RAK has partnered with Ripple in order to enable instant payments in India. The bank is going to launch instant, frictionless and secure money transfer services to India’s Axis Bank clients.

In conclusion, international payments are reshaping. And certainly blockchain technology proves it is next step in evolution of the system.

RippleNet expands into emerging markets

Additional 5 international financial institutions have joined Ripple
21 February 2018   101

Banks from Brazil (Itau Unibanco) and India (IndusInd) along with remittance providers from Singapore (InstaReM), Brazil (Beetech) and Canada (Zip Remit) joined the ranks of members of the enterprise blockchain solution for global payments. This announcement with an earlier partnership with China (Lianlian) brings Ripple even closer to the so called 'emerging markets'. With the partners base of more than 100 organizations worldwide, Ripple allows its members access and exchange payment information between each other and finalize the transactions in an instant.

We are pleased to partner with Ripple. Now, RippleNet members will be able to process a large number of payouts in Southeast Asian countries through InstaReM’s secure rails.

 

Prajit Nanu

Co-founder and CEO, InstaReM

On top of that, with the application of a blockchain technology the costs of transactions and the transfer times get drastically decreased. It is reported that IndusInd and InstaRem will use Ripple's xCurrent platform to improve cross-border payments to other financial institutions globally; and Beetech with Zip Remit will use xVia to deal with global payments for their respective customers.

The payments problem is a global problem, but its negative impact disproportionally affects emerging markets. Whether it’s a teacher in the U.S. sending money home to his family in Brazil or a small business owner in India trying to move money to open up a second store in another country, it’s imperative that we connect the world’s financial institutions into a payments system that works for their customers, not against them.

 

Patrick Griffin

Head of business development, Ripple