Ripple To Potentially Land New Partnership With Joyalukkas Exchange

February 20, 2023 1:56 pm Comments

Ripple has been making a lot of progress when it comes to growth and adoption within the Middle East region despite the ongoing lawsuit with the SEC.

Just recently, it was revealed that Ripple may soon be landing a new partnership with a large conglomerate based in the United Arab Emirates (UAE) that is interested in using Ripple for money transfer services.

Specifically, the name of the company is Joyalukkas Exchange which is a major payment services provider in the region and is part of a multi-billion dollar conglomerate.

The exchange already provides a lot of different payment services and a partnership with Ripple would allow for instant settlement for cross-border payments.

Additionally, the topic of Ripple’s On-Demand liquidity solution was brought up again which has always been mentioned as an ideal solution for all of Ripple’s partners.

Bitcoinist reports:

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.”

The partnership is also very significant because it could mean that a large customer base of users will start to use Ripple-based solutions for financial transactions.

This is because the Joyalukkas Exchange is one of the main agents of Western Union which has many locations and merchants worldwide.

As a result, this will convince many users of traditional payment systems to migrate over to Ripple’s new remittance technologies in a seamless fashion.

The XRP community had also noticed that the company and Ripple had a lot of similarity when it comes to their partnerships which further convinces XRP investors that the two companies will indeed collaborate in some form of partnership soon.

The official announcement has yet to be released although the price of XRP already seems to be reacting positively.

Coinnounce concludes:

And just today, it looks like Ripple has brought in a new business partner. On LinkedIn, Punnoose Mathew, managing director of Dubai-based Joyalukkas Exchange, remarked (1) that he met with Ripple staff Mark Johnson, William Cooley, and Nick Taplin, known as “the pioneer in crypto and blockchain strategies for businesses.” Mathew also mentioned that the meeting took place in Dubai. Mathew has written:

“It was a very constructive conversation on how Ripple might be a potent tool for fund transfer organizations to scale up for inexpensive cross-border payouts, immediate settlement, and consistent liquidity access with their On-Demand Liquidity by using the XRP platform.

The discussion was fruitful, and we look forward to working with you.”

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