Ripple launches cross-border blockchain payments in UAE 🌎
Ripple, the creator of XRP, has launched cross-border blockchain payments in the UAE, aiming to enhance cryptocurrency adoption in the region. Zand Bank, the UAE’s first all-digital bank, and fintech company Mamo will be the principal users of Ripple Payments, a platform combining stablecoins, cryptocurrency, and fiat for efficient payment processing.
Licensed by Dubai's Financial Services Authority, Ripple seeks to address inefficiencies in traditional cross-border payments, targeting high fees, lengthy settlement times, and transparency issues. The UAE, ranked 56th for crypto adoption, is actively establishing itself as a crypto hub, with progressive regulations and developments like adopting stablecoins and a digital dirham initiative.
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