On the 18th (local time), Ripple officially announced that it had signed additional contracts with two major payment system operators in the UAE. Both of these companies have high market shares in the country.
The company, which has a major presence in the region, is set to introduce Ripple’s cross-border payments solution, On-Demand Liquidity (ODL).
ODL utilizes Ripple’s proprietary cryptocurrency, XRP, to secure and transfer liquidity in real time without the complex deposit system that exists today.
This will enable financial institutions in the UAE to significantly boost their overall service competitiveness by reducing remittance costs, improving speed and enhancing transparency.
The deal is all the more noteworthy as it comes just after Ripple gained regulatory clarity in the UAE, which recently ratified the cryptocurrency industry.
It is being developed as a strategic industry, and blockchain-based technology and friendly policies to attract businesses are being introduced one after another. The clarity of digital asset regulations and strong government support have led to the creation of global companies like Ripple.
It is being evaluated that this is playing a decisive role in helping global blockchain companies establish themselves in the market. Ripple said, "With this contract as a starting point, we will begin full-scale expansion into the Middle East region.
He stated his intention to "change the global financial paradigm through innovative blockchain payment technology."
Meanwhile, Ripple continues to make waves in the global market despite a legal dispute with the U.S. Securities and Exchange Commission (SEC).
The company continues to develop technology and expand partnerships in the field, and its foray into the UAE market is seen as a key turning point for the company to secure leadership in the Middle East financial ecosystem.
2025/05/20 10:26 KST
Copyright(C) BlockchainToday wowkorea.jp 118