RippleNet seems to be growing bigger and bigger even with the hardships that are currently experienced in the world of digital currency. Just the other day, LianLian International, one of China’s top money service companies, joined Ripple to boost its cross-border remittances.
Now, UAE Exchange, a brand that offers global money transfer –payments and exchange solutions – announced that it is joining hands with the San Francisco-based Ripple network.
What This Deal Means to Ripple As a Cryptocurrency
While ripple has always lagged behind Bitcoin, Ethereum and several other cryptos, the rate at which banks and other financial institutions are joining RippleNet could be sending a special signal. So far, we are talking of over 100 banks and financial organizations using ripple as either a cross-border payment service or a liquidity exchange solution partner. That means -it is highly possible that the digital asset as experts call it could become the major cryptocurrency -to unseat Bitcoin.
Researchers admit that the recent deals will boost ripple -which like Bitcoin, has faced heavy skepticism from the press because of its performance –“today it’s up, tomorrow it’s completely hopeless.” Towards the end of last year, things were good because the XRP -which is ripple’s actual cryptocurrency rocketed to hit a coin value of $3.65. However, since then it has been unstable to a level of reaching a rock bottom of $0.85 as of Friday 11th. Well, that aside:
So Will UAE Exchange Use Ripple XRP in All its Processes?
According to the announcement, UAE Exchange doesn’t plan to use ripple as many people think –for international transfers -nope. Like most other banks, it will use the cryptocurrency to offer liquidity to institutions. This nuance is not often made clear and most of the time it is assumed that an institution has invested in a certain number of ripple coins — but now you know.
However, the organization made it clear that the partnership comes in to boost its authority farther by being the largest payment solution in the Middle East to employ ripple’s blockchain technology. Ideally, Bitcoin, Ripple and several other digital currencies have been using the blockchain technology to help process payments globally, and in real time.
Payment Processing Timespans
In other words, the usual 3-5 days wait time that banks give as lead to process payments will be a thing of the past -if all institutions adopt the blockchain technology. As to the length of time that it might take for this technology to take over payment processing, that would depend on how fast financial institutions embrace blockchain based digital currencies, like ripple and the rest.
Showing his excitement –in a statement, Dilip Rao, Ripple’s engineer and head of innovation said that, “Including UAE Exchange to RippleNet completely transforms how money moves from one point to another. It will bring instant and sure payments to the millions of customers in the UAE who do business and send money abroad –and at amazingly low rates.”
UAE Exchange to Further Embrace Technology Solutions
To farther pace up with its ambitions of offering a customer-centric approach in solving inefficiencies, or any matters that could arise, the UAE Exchange offered a hand to collaborate with technology experts, academia, industry partners and start-ups -to seek for opportunities that would deliver more positive and seamless customer experience –in matters digital assets and services.
This brings us to a summary that ripple, as well as all other cryptocurrencies, could be more than a risky affair of simply buying coins when they are low to sell when they’ve gained some value. However, the question as to whether to invest with ripple or any other crypto, that remains as complicated as it has always been –according to me.