Ripple launches cross-border blockchain payments in UAE
The two principal partners, Zand Bank and Mamo, will use Ripple Payments, a platform that combines stablecoins, crypto, and fiat currency to enable payments.
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.