UAE Exchange: blockchain will help us to reach a new level
Ripple has good news! Another payment giant joined the RippleNet network to make instant transfers between states. This is a company that is based in the United Arab Emirates and is called the UAE Exchange.
“We thought for a long time whether it would be worthwhile to introduce this advanced technology (we mean a blockchain) and came to the conclusion that it was definitely worth it. Our experts believe that the blockchain-system will ensure an unprecedented competitiveness of our organization. This will happen through a reduction in commission fees for the transaction, as well as a significant increase in their speed. We want to build together with Ripple payment technology of the future, “said General Director of UAE Exchange Group Promos Manghat.
According to the data of the payment company under discussion, it accounts for 6.8% of the world remittances market (the cumulative capitalization of this market is almost $ 560 billion). UAE Exchange sets a goal – after a year to take at least 10% of this market. The company mainly operates in the Middle East and Asia, with a big focus on India, which has almost 40% of its offices.
At the same time, Ripple claims that now they will work to concentrate their efforts on solving the problems of the inefficiency of payment flows in key corridors.
To date, XRP has demonstrated a very strong growth against the background of the general rise of the crypto-currency market. Based on CoinMarketCap resource data, we can say that over the past 24 hours the weighted average rate of XRP increased by 12% and is $ 1.08. In addition to the news described above, news about the accession of a payment company from China to LianLian International also contributed to this.
Recall that it was previously reported that one of the founders of Ripple Chris Larsen is one of the richest people in the crypto industry. This was reported by Forbes magazine, which estimated its capital at more than $ 7 billion.