Ripple deploys its first on-demand liquidity tool in the Middle East

2021-10-27 07:00

As digital payments transactions rapidly continue to grow in the Middle East and North Africa (MENA) region, Ripple partners up with an international blockchain-based financial services company Pyypl in a bid to bring instant, low-cost remittances to the area.

According to the official announcement, the United Arab Emirates (UAE) will be the first country in the region to welcome the new services.

First-ever in-market ODL deployment in the Middle East

“Today, Ripple announced its continuing contribution to this hotbed of fintech innovation with the first-ever in-market On-Demand Liquidity (ODL) deployment in the Middle East,” read the announcement. 

We’re thrilled to share that we’re partnering with @Pyypl to bring #ODL to the Middle East for the first time! https://t.co/I96xdXv6fw

— Ripple (@Ripple) October 26, 2021

“The MENA region is home to 2 of the top 3 remittance corridors in the world – having sent $78 billion in remittances in 2020 – which is why we’re excited that this partnership will drive innovation thereby facilitating instant, low-cost remittances,” Ripple pointed out on Twitter.

Using ODL and leveraging XRP, Pyypl will provide faster and cheaper remittance options for people sending money into and out of the region.

“XRP will not be held within the UAE and transactions will not involve the currency AED as part of the payment flow,” Ripple noted in the announcement.

RippleNet Managing Director in APAC and MENA Brooks Entwistle commented on the partnership and expressed his excitement about the future, “because leaders in the region are hyper-focused on paving the way for necessary financial improvements.”

Introducing digital payments to the 1 billion unbanked users 

According to the announcement, the new partnership with Ripple falls in line with Pyypl’s larger mission to enable digital payments for the one billion “financially underserved” smartphone users in the region. 

“Beyond customer-facing services, Pyypl will also use ODL to eliminate the need for the costly pre-funded accounts normally required in traditional cross-border payments,” added the announcement. 

Pyypl’s co-founder and CEO Antti Arponen said that “unlocking these previously trapped funds can help better grow and scale the business.” 

The post Ripple deploys its first on-demand liquidity tool in the Middle East appeared first on CryptoSlate.

origin »

Bitcoin price in Telegram @btc_price_every_hour

East Caribbean Dollar (XCD) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Доступно / Всего 0 XCD

middle ripple east blockchain-based international financial partners

Источник: cryptoslate.com

middle ripple → Результатов: 55


Фото:

Ripple establishes its regional headquarters in Dubai

Ripple has chosen Dubai International Financial Centre (DIFC), the leading global financial centre in the Middle East, Africa, and South Asia (MEASA) region, as its regional headquarters. DIFC Authority unveiled this news via an official announcement on November 7, noting that the FinTech company chose it over other centres because of its innovative regulations, expansive network, and reputation.

2020-11-10 14:46


Ripple Teams Up with India’s Bank of Dohfar by Going Live on RippleNet for Remittance Payments

Ripple has scored yet another point in its quest for world domination, this time in the middle east where the Bank of Dohfar has joined its platform to facilitate cross-border transactions. This comes just a few weeks after Ripple signed up the National Bank of Kuwait to its platform. The New was confirmed by Navin […]

2019-2-18 21:27


Ripple, XRP Coin Trading and xRapid’s Middle East Expansion, Compliance and Adoption

XRP has gained a great deal of popularity for its ability to provide users with cross-border payment mechanisms through xRapid. In addition, the platform has also realized third-party utilization through the XRP Tip Bot through Wietse Wind and Coil, the latter of which is designed to monetize internet content on web through microtransactions. According to […]

2018-11-1 22:52


Фото:

Ripple’s Sagar Sarbhai Hopes for Holistic Policies by Regulators

Talking to CNBC Markets on Monday, Ripple’s Sagar Sarbhai noted that policy makers are handling cryptocurrency and blockchain markets more holistically now. The head of regulatory relations for the Asia-Pacific and the Middle East at Ripple said that regulators do not have a compartmentalized approach toward blockchain and cryptocurrency markets anymore.

2018-9-20 14:59


дальше еще 6 новостей →

Партнеры Currencies.ru



Реклама на Currencies.ru

Самое свежее на Currencies.ru

XRP shows a growing risk of a deeper correction: check forecast

XRP, like other leading cryptocurrencies, is under renewed pressure this week. The coin slipped below $1. 31 on Tuesday, with fading trader interest, weakening derivatives metrics, and deteriorating technical structure, suggesting downside risk for XRP.