Ripple Partner Teams Up With JP Morgan In The UAE Region

December 7, 2022 9:31 pm Comments

Al Fardan Exchange LLC is one of the partners of Ripple Labs and is known to be one of the largest fintech giants in the United Arab Emirates (UAE).

Unexpectedly, it has been revealed that this fintech giant will be teaming up with JP Morgan in order to provide a same day money transfer facility for corporate customers.

This money transfer services will support transactions such as USD, Euros, South African Rands, and many other major currencies.

Since Al Fardan Exchange is already in a partnership with Ripple, it is expected that this new money transfer facility will be using Ripple’s XRPL solution.

As a result, this could make the XRP standard one of the most widely used solutions among global financial giants.

Crypto-News-Flash reports:

Ripple’s XRP Standard is one of the most sought-after solutions used by global banking institutions in cross-border settlements. In the latest development, the Bank of Australia’s largest financial conglomerate, CommBank, said that they would be Ripple’s XRP and ISO 20022 standard for cross-border payments.

But for a fact, we know that JPMorgan has its own blockchain platform that facilitates cross-border transactions using the native JPMCoin. Thus, the possibility of them using Ripple’s XRP Standard remains limited as of now.

The Al Fardan exchange recently celebrated its 50th anniversary in the market. Besides, they also launched their own application AlfaPay.

As a result, the company offers its customers “a branch in the pocket” while providing them with seamless and secure transactions.

As a result of this new money transfer facility between Al Fardan Exchange and JP Morgan, the UAE will be able to benefit with faster transactions and improved security.

Investors speculate that this will likely attract more financial institutions to be involved in the UAE market and also entice them use Ripple powered solutions.

So far, there are already around 200 financial entities in the world that are looking to use XRPL and the fact that one of the biggest banks in the world has collaborated with a solution that utilized Ripple technology certainly provides a lot of the credibility that big investors need before they jump in.

Besides the financial transaction space, Ripple is also in the strongest position to dominate the CBDC market which experts believe will increase exponentially in the coming years.

Crypto-News-Flash concludes:

Recently, ripple showed a willingness to participate in the trillion-dollar CBDC market. Central bank digital currencies (CBDCs) have been the area of utmost interest among major global economies. Recently, Ripple released its own CBDC whitepaper offering a complete framework for implementing CBDCs.

Ripple is confident that it’s XRP Ledger can handle stablecoins and CBDCs for billions of people worldwide. It noted:

The XRPL’s built-in Authorized Trust Lines feature also ensures that stablecoins and other issued tokens can only be held by accounts that the issuer themselves authorizes for an added layer of security.

Furthermore, Ripple is making key partnerships with global banking institutions. Ripple CEO Brad Garlinghouse recently said that Bank of America is willing to use Ripple’s on-demand liquidity products (ODL). However, they are waiting for Ripple to settle its court case with the U.S. SEC.

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