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Ripple XRP Dubai UAE

Ripple Further Expands Into UAE, Payments Provider Will Use XRP

Jake Simmons
by Jake Simmons
2 years ago
·
Posted in Ripple
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Just recently, Ripple CEO Brad Garlinghouse drew attention to the global regulatory progress in comparison to the headwinds the industry is facing in the United States. One region where crypto is seen as a promising innovation and where the company has already been able to sign high-profile collaborations is the MENA region (Middle East/North Africa).

And today, a new partner seems to have been added by Ripple. Punnoose Mathew, managing director of Dubai based Joyalukkas Exchange, wrote on LinkedIn that he had a meeting with Ripple employees Mark Johnson, William Cooley and Nick Taplin, “the leader in blockchain and crypto solutions for enterprises.” Mathew wrote:

It was a great discussion on how Ripple could be a great enabler for money transfer entities to scale up for affordable cross-border payments, instant settlement, and continuous liquidity access with their On-Demand Liquidity using the XRP platform. We are excited to collaborate with you.

Ripple partners Joyalukkas Exchange
Punnoose Mathew and the Ripple delegation | Source: LinkedIn

This Is The New Partner Of Ripple

Although Ripple itself has not yet released an official confirmation of its new partner, Mathew’s wording is quite clear. The company will use the XRP-based technology On-Demand Liquidity (ODL) to optimize its cross-border payments with it.

Related Reading: Will Ripple Sign Singapore As Its Next CBDC Customer? This Is Why

Joyalukkas Exchange is a part of Joyalukkas Group, a multi-billion dollar global conglomerate and a world-renowned brand in jewelry trading. The payment service provider aims to be one of the leading providers of foreign exchange services in the region.

In terms of cross-border payments, Joyalukkas Exchange’s website states that they offer a wide range of remittance solutions to every customer and guarantee the best rates. For this, the payment service provider has established several partnerships that allow “quick and easy transfers to any part of the world at the best rates.”

According to the website, the instant money transfer service allows money to be transferred within minutes through cash withdrawal at various agencies and also through account withdrawal in selected countries.

Related Reading: Ripple Vs. SEC: Forbes Journalist Files Motion For Access To Hinman Docs

Moreover, Joyalukkas Exchange is one of the main agents of Western Union. It allows customers to send and receive money to more than 200,000 agent locations worldwide. The service provider has also partnered with other payment companies, including Transfast, Ezremit and IME.

As XRP community member Wrathof Kahneman noted, Joyalukkas Exchange and the American fintech company share some of the same existing partners.

They share some of existing @Ripple partners already. pic.twitter.com/X7uRyG3B2O

— WrathofKahneman (@WKahneman) February 20, 2023

At press time, the XRP price is up 0.3% within the last 24 hours and stood at $0.3945, ranging between $0.3801 and $0.4052.

Ripple XRP USD
XRP price, 4-hour chart | Source: XRPUSD on TradingView.com
Featured image from Ripple, Chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Jake Simmons

Jake Simmons

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Jake Simmons has been a Bitcoin enthusiast since 2016. Ever since he heard about Bitcoin, he has been studying the topic every day and trying to share his knowledge with others. His goal is to contribute to Bitcoin's financial revolution, which will replace the fiat money system. Besides BTC and crypto, Jake studied Business Informatics at a university. After graduation in 2017, he has been working in the blockchain and crypto sector. You can follow Jake on Twitter at @realJakeSimmons.

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