• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
  • Play Finance
Breaking News: Crypto Giant Binance In Hot Water: CEO Responds To Trading Violation Claims
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
  • Play Finance
Bitcoinist.com
No Result
View All Result
Breaking News: Crypto Giant Binance In Hot Water: CEO Responds To Trading Violation Claims
Remittances
Advertisement

Abu Dhabi Bank Picks Ripple for Its Blockchain Remittances

William Suberg by William Suberg
6 years ago
in News, Altcoins, Blockchain, Companies, News teaser, Ripple
0
Advertisement
Advertisement

United Arab Emirates’ National Bank of Abu Dhabi (NBD) has unveiled a partnership with Ripple to begin cross-border remittances via blockchain technology.


UAE Taps Bank-Blockchain Pioneer

The move, announced Wednesday, means NBD is the first Middle East and North Africa sector bank to commence operations with the technology.

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!

“Blockchain technology transforms and paves a new way in achieving our goals and better serve our customers, adding value through accessibility and transparency,” CPI Financial quotes Ramana Kumar, Managing Director & Head of GTB Business and Product Management as saying.

uae-53762

Ripple’s payments platform is already utilized by several banks globally, including Santander and UniCredit. In terms of remittances, however, the UAE specifically is a key market, with World Bank data showing it to rank fourth in the world at $19 billion USD a year.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

“Banks and their customers have been hearing about the promise of Blockchain technology to enable real-time cross-border payments,” Ripple CEO Brad Garlinghouse said.

Now, some of the most innovative and successful banks like NBAD are making this a reality by offering Ripple-enabled payments to their entire customer base, and in doing so, paving the way to make 2017 the year we see broad commercialization of Blockchain take hold globally.

Anything But Western Union

Ripple’s platform, with its ability to track any asset, is a natural fit for banks looking to trade debts. The company has championed its technology as a faster, more reliable payments solution than Bitcoin, yet regulatory hurdles, notably in the US, have led to skepticism.

Ripple XRP Bitcoinist

Nonetheless, given the alternative for remittances in many markets is in the form of famously poor-value wire services such as Western Union, Ripple’s technology is infinitely preferable.

“As an initial adopter and first bank to go live on Ripple, NBAD offers innovative solutions to our clients’ payments needs,” Kumar added.

Mexico Eyes ‘Tech Evolution’ to Trump-Proof Remittances

In the current geopolitical climate meanwhile, Bitcoin-based remittance markets are hotting up. The spotlight currently focuses on Mexico, a market which has seen a currency devaluation since Donald Trump was elected US president.

Trump’s subsequent threats and decision to build a physical border wall at the country’s expense have exacerbated concerns among citizens that a substitute means of moving wealth cross-border is urgently required.

mexican-pesos-916208_1280

Trading volumes on Mexican exchanges and its corresponding Localbitcoins market have risen dramatically over the past few months.

On Tuesday, Mexico’s government stated it would ensure banks had relevant technology to fulfill remittances quickly should Trump’s plan to tax them to pay for the wall come to fruition.

“We will submit a reform to Congress to provide the legal support to all of this technological evolution we have begun to see in financial intermediation capacity,” Minister of Finance Jose Antonio Meade said in parliament.

What do you think about Ripple’s latest customer and Mexico’s plans? Let us know in the comments below!


Images courtesy of Shutterstock, jobs.abudhabi2.com

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

William Suberg

William Suberg

Related Posts

Tezos Mumbai update

Tezos Activates Mumbai, Introduces Smart Rollups

1 day ago
XRP

XRP Profit Taking At Highest Since Aug. 2021 As Price Rises Another 17%

2 days ago
Digital Euro Ripple

Ripple Contributes To New Digital Euro Whitepaper By DEA

3 days ago
The Rise of Bitcoin ATMs and How They Work

The Rise of Bitcoin ATMs and How They Work

3 days ago
Bitcoin’s Impact on the Environment: Is it Sustainable?

Bitcoin’s Impact on the Environment: Is it Sustainable?

3 days ago
The Psychology of Bitcoin Investing: Why People Buy and Hold

The Psychology of Bitcoin Investing: Why People Buy and Hold

3 days ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Play Finance

Trending Projects

  • 5 Best Upcoming ICO List of March 2023

    1 week ago
  • Crypto Investment for Long term: 3 Coins to keep your eye...

    1 week ago
  • Cryptocurrency to invest in March 2023

    1 week ago

Top Casinos

Trust Dice
Trust Dice
Punt Casino
Punt Casino
mBit
mBit
1xBit
1xBit
UU.Game
UU.Game
K8
K8

Press Releases

  • European Crypto Market Surge – Big Eyes On A Bull Run...

    1 hour ago
  • Bitcoin is Top Crypto, Ethereum Best Altcoin, Introducing...

    2 hours ago
  • With banks closing Left-Right and Center, Bitcoin...

    8 hours ago
  • Solana (SOL) or Aptos (APT)? TMS Network (TMSN) will return...

    9 hours ago
  • Ripple (XRP) and Shiba Inu (SHIB) consolidate. Experts...

    9 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
  • Play Finance

© 2022 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.