Ripple-XRP the Issuer, signed an agreement with UAE Exchange for working in the field of international transfers.
CEO of UAE Exchange magazine promotion Manghat praised the technology, which offers Ripple:
The incorporation of technology Ripple in our payment system will allow us to offer a completely new experience to our customers. It’s a technology that completely changes the rules of the game directly affects the speed and cost of international transfers.
In UAE Exchange claim that they are in control of 6.75 percent in the industry of international money transfers, the total capitalization of which is 575 billion, and we hope that by 2020, their share will reach 10 percent. Currently, UAE Exchange has 800 branches in 30 countries.
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Neither Ripple nor UAE Exchange was not informed about the details of the transaction, so it is unclear whether UAE Exchange to use XRP or not. Dilip RAO of Ripple commented on the partnership.
The fact that UAE Exchange has joined RippleNet will allow millions of retail customers UAE Exchange, quickly and affordably make international money transfers.
In an interview with Arabian Business Manghat was excited about the possibilities of cryptocurrency.
The average consumer may never know about the blockchain, but indirectly he will benefit from this technology.
Although this deal is certainly favorable for Ripple, it is not a complete surprise. Last month, Ripple entered into an agreement with MoneyGram to work on a pilot project.