U.S.-based crypto-related startup Ripple (XRP) has announced a partnership with UAE Exchange company Finablr.
It’s expected the blockchain service will go live by Q1, 2019 with one or two Asian banks.
Finablr offers forex & remittance services to institutional and retail investors.
The chief executive at Finablr, Promoth Manghat, claims blockchain holds “tremendous promise for the industry but there is progress to be made before we [industry] see it go fully mainstream.”
As a part of the partnership, Finablr will use Ripple’s technology — RippleNet.
RippleNet is a decentralized global network of banks and payment providers which make use of Ripple’s distributed financial technology, which provides real-time messaging, clearing and settlement of financial transactions.
Previously, in the very beginning of 2018, global payments company Western Union was testing new transactions technology based on RippleNet.
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