Ripple, the creator of cryptocurrency XRP (XRP), launched cross-border blockchain payments in the United Arab Emirates (UAE), a development that could spur the adoption of cryptocurrency in a country receptive to digital assets.
Zand Bank, the UAE’s first all-digital bank, and Mamo, a fintech company that offers a digital payment platform for businesses, will be the principal users of the blockchain payments system, according to a May 19 Ripple announcement.
Zand Bank and Mamo will use “Ripple Payments” to facilitate cross-border blockchain payments.
Ripple Payments is a platform that combines stablecoins, cryptocurrency, and fiat to enable payments and quick settlement times, a feature of Web3 that cross-border traditional finance payment systems often lack. Ripple was licensed to offer crypto payments by the Dubai Financial Services Authority (DFSA) in March.
Reece Merrick, Ripple’s managing director for the Middle East and Africa, said acquiring this license “enables