Ripple Further Expands Into UAE, Payments Provider Will Use XRP

Just recently, Ripple CEO Brad Garlinghouse drew attention to the global regulatory progress in comparison to the headwinds the industry is facing in the United States. One region where crypto is seen as a promising innovation and where the company has already been able to sign high-profile collaborations is the MENA region (Middle East/North Africa).

And today, a new partner seems to have been added by Ripple. Punnoose Mathew, managing director of Dubai based Joyalukkas Exchange, wrote on LinkedIn that he had a meeting with Ripple employees Mark Johnson, William Cooley and Nick Taplin, “the leader in blockchain and crypto solutions for enterprises.” Mathew wrote:

It was a great discussion on how Ripple could be a great enabler for money transfer entities to scale up for affordable cross-border payments, instant settlement, and continuous liquidity access with their On-Demand Liquidity using the XRP platform. We are excited to collaborate with you.

This Is The New Partner Of Ripple

Although Ripple itself has not yet released an official confirmation of its new partner, Mathew’s wording is quite clear. The company will use the XRP-based technology On-Demand Liquidity (ODL) to optimize its cross-border payments with it.

Joyalukkas Exchange is a part of Joyalukkas Group, a multi-billion dollar global conglomerate and a world-renowned brand in jewelry trading. The payment service provider aims to be one of the leading providers of foreign exchange services in the region.

In terms of cross-border payments, Joyalukkas Exchange’s website states that they offer a wide range of remittance solutions to every customer and guarantee the best rates. For this, the payment service provider has established several partnerships that allow “quick and easy transfers to any part of the world at the best rates.”

According to the website, the instant money transfer service allows money to be transferred within minutes through cash withdrawal at various agencies and also through account withdrawal in selected countries.

Moreover, Joyalukkas Exchange is one of the main agents of Western Union. It allows customers to send and receive money to more than 200,000 agent locations worldwide. The service provider has also partnered with other payment companies, including Transfast, Ezremit and IME.

As XRP community member Wrathof Kahneman noted, Joyalukkas Exchange and the American fintech company share some of the same existing partners.

They share some of existing @Ripple partners already. pic.twitter.com/X7uRyG3B2O

— WrathofKahneman (@WKahneman) February 20, 2023

At press time, the XRP price is up 0.3% within the last 24 hours and stood at $0.3945, ranging between $0.3801 and $0.4052.