Ripple said it signed two new UAE-based customers, Zand Bank and Mamo as it expands Ripple payments, the company’s blockchain-based cross-border payments platform, in the region.
The agreements follow Ripple and secure a license from Dubai Financial Services Authority (DFSA) in March, giving it the opportunity to manage global payments end to the end of banks, fintechs and cryptophy companies.
“Securing our DFSA license allows Ripple to better serve the demand for solutions to the inefficiency of traditional cross-border payments,” said Reece Merrick, CEO of the Middle East and Africa at Ripple, in a Monday release.
Zand Bank said the partnership is in line with its push against digital funding. “We are pleased to soon launch an AED-supported stableecoin,” said Chirag Sampat, head of the Treasury and Markets.
Imad Gharazeddine, CEO and co-founder of Mamo, said the use of Ripple’s services allows the company to offer “faster and more reliable cross-border payments” for both businesses and consumers who want to scale their UAE operations.
Ripple payments currently operate in over 90 payout markets and have treated more than $ 70 billion in volume globally. The platform is available in Dubai, USA, Brazil, Mexico, Australia and Switzerland.
Ripple uses a global network of payout partners and blockchain infrastructure to move money in minutes. In some cases, it also uses its original digital asset, XRP, as a bridge value through its on-demand liquidity (ODL) service, allowing clients to instantly convert one FIAT currency to another using the token.
The XRP prices have fallen 3.5% over the last 24 hours in the middle of a wider market decline. Coindesk 20 index has fallen 3.4%.