Ripple has launched blockchain-enabled cross-border payments in the United Arab Emirates (UAE), which could boost the adoption of cryptocurrencies in a country that welcomes digital assets.
As announced by Ripple on May 19, Zand Bank, the UAE's first all-digital bank, and Mamo, a fintech company that offers digital payment solutions for businesses, will primarily use this blockchain payment system.
These will leverage Ripple Payments to facilitate cross-border transactions.
Ripple Payments integrates stablecoins, cryptocurrencies and fiat currencies to enable seamless payments with fast settlement times, filling the gaps in traditional cross-border financing systems.
Ripple, which was licensed by the Dubai Financial Services Authority (DFSA) in March, already offers cryptocurrency payments in the region.