Ripple Expands Operations by Signing Zand Bank and Mamo in the UAE
Ripple has added two new customers in the UAE to its blockchain-based payment platform following a significant regulatory approval.
Ripple Expands Operations by Signing Zand Bank and Mamo in the UAE
Ripple has announced it has signed two new customers in the United Arab Emirates: Zand Bank and Mamo. This move is part of its growth strategy for its blockchain-based cross-border payments platform.
The new partnerships were established following Ripple obtaining a license from the Dubai Financial Services Authority (DFSA) in March. This license empowers Ripple to manage end-to-end global payments for financial institutions, including banks and fintech companies.
Key Highlights:
- New Customers: Zand Bank and Mamo have joined Ripple as it enhances its payment solutions in the UAE.
- Regulatory Approval: These agreements come after Ripple’s license from the DFSA, allowing it to streamline payments for its clients.
- Global Reach: Ripple Payments operates in over 90 markets and has facilitated more than $70 billion in transactions globally, occasionally using XRP as a bridge currency.
In a recent statement, Reece Merrick from Ripple emphasized that the DFSA license allows Ripple to meet the growing demand for more effective cross-border payment solutions.
Chirag Sampat from Zand Bank expressed excitement for the collaboration, highlighting their preparations for the launch of an AED-backed stablecoin. Meanwhile, Imad Gharazeddine of Mamo noted that Ripple’s services will enable faster and more reliable payments for their clients, which is vital for scaling operations in the UAE.
Market Performance
Amid these developments, XRP has experienced a decline of 3.5% in value over the last 24 hours, reflective of broader market trends.
