Ripple, the 3rd largest cryptocurrency by market cap came into the limelight as its prices surged to unexpected heights early 2018 but of late has received some flak from experts due to the huge sell-off coupled by the questions raised over the number of financial institutions willing to use the crypto giants.
But Ripple isn’t going to go down without a fight and news of their deal with a UAE based exchange has got people talking about them again.
UAE Exchange has teamed up with Ripple in order to facilitate quicker payments by bringing in the benefits of the blockchain technology.
Here’s what exchange CEO Promoth Manghat had to say about the deal:
Incorporating Ripple’s blockchain technology into our payments systems will bring customers an enhanced, new payments experience. The early adoption of this game-changing technology allows us to offer a competitive service, as it will have an impact on the speed and cost of cross-border transactions.
Manghat has been an avid promoter of the blockchain technology and partnership with Ripple seems like just the kick-start he was looking for. Here’s what he had to say about blockchain in an interview with Arabian Business:
Personally, I am a big champion of Blockchain and foresee its disruptive potential not merely in the financial services industry but across a gamut of industries. Fundamentally what Blockchain does is establishing transparency and trust and thereby reducing transaction costs … On the face of it, the average consumer may never know about blockchain, but indirectly he will reap the benefits of the efficiencies it brings forth across industries in his everyday life.
A representative of Ripple too stated their delight on the deal further saying that
Adding a market leader like UAE Exchange to RippleNet will bring instant, certain, low-cost payments to the millions of retail customers in the UAE who send money abroad.
How the deal impacts Ripple?
Off late Ripple has seen a huge dip in the price due to the bearish conditions in the market but the deal is bound to get more people investing back into Ripple in turn further raising the price. The only thing still unknown about the deal is whether the exchange plans to use Ripple XRP tokens for transactional purposes.
Is the deal going to cause a ‘Ripple’ across the crypto world? Do you think more such exchanges will look to adopt blockchain to power their platforms?