Ripple, the cryptocurrency ranked third in terms of market cap, has been under a lot of pressure recently due to a recent massive sell-off. It hasn’t always been that way for Ripple as later in December 2017 to earlier in January 2018, it has had its best performance yet with a high of USD 3.84 on January 4.
Its popularity back then was thanks to the support of 100 banks including Japanese and Korean credit card companies. Seamless payment systems have been Ripple’s forte and dependable use case when compared to other cryptocurrencies. It has increasingly been adopted by payment networks and banks for the settlement technology it provides and comes as no surprise that other prominent figures in the financial world will soon take notice of this trend.
Ripple is now looking to make another comeback by going for yet another big player as its partner to bring back the momentum it once had.
Inking the Deal
One of the most significant exchanges in the Middle East - UAE Exchange - has signed up to RippleNet network to facilitate cross-border payments at speeds never before experienced through traditional means, and lend its backing to blockchain technology.
CEO of UAE Exchange Group - Promoth Manghat admitted this much in a statement:
"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. "
As a long time advocate of blockchain technology, Manghat finally decides to make this more evident through a partnership with Ripple. Although the immediate application that can be seen here falls more on financial services, Manghat admits to the many other benefits blockchain technology can bring in an interview held 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.”
Ripple head of infrastructure innovation - Dilip Rao is also happy to comment the following:
“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.”
Skepticism from investors clearly caused a bear market in the recent months. With specific use cases being flaunted by financial industry giants such as UAE Exchange is definitely good publicity for Ripple’s technology.