UAE Exchange joins RippleNet for blockchain-based cross-border payments

Promoth Manghat chief executive of UAE Exchange has inked a deal with San Francisco-based technology company Ripple to adopt blockchain technology. Mona Al Marzooqi  The National

Promoth Manghat chief executive of UAE Exchange has inked a deal with San Francisco-based technology company Ripple to adopt blockchain technology. Mona Al Marzooqi The National

"We are proud to deliver the future of payments with Ripple". However, Ripple has fired back at the haters by garnering another significant partner.

UAE Exchange, one of the region's biggest money exchange houses, entered into an agreement with USA blockchain start-up Ripple to facilitate real-time cross-border remittance payments as it looks to bring the cost of transactions down for its customers. UAE Exchange, which has recently show interests in using the Blockchain technology to power their payments, has finally made a strong partner.

"Incorporating Ripple's block chain technology into our payment systems will bring customers an enhanced, new payment experience". He added, "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 always been a serious proponent of blockchain technology, which has been made even more evident by partnering with Ripple.

UAE Exchange's CEO Promoth Manghat considers himself as a big champion of Blockchain. Fundamentally what Blockchain does is establishing transparency and trust and thereby reducing transaction costs ... "Adding a market leader like UAE Exchange to RippleNet will bring instant, certain, low-priced payments to the millions of retail customers in the UAE who send money overseas", Dilip Rao, Global Head, Infrastructure Innovation, Ripple, said.

While the ripple coin has suffered the volatile market moves of all cryptocurrencies of late, the deal with UAE Exchange will help bring some level of legitimacy to digital currencies.

Do you count this partnership as a major victory for Ripple?

Banks and financial institutions are increasingly looking to adopt blockchain technology to cut the costs of doing business in a competitive market.

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