- Ripple and Joyalukkas discussed using ODL for cross-border payments.
- Utilizing XRP as a bridge currency can result in faster transactions.
- The meeting could signify Ripple’s expanding reach in the UAE market.
On Feb. 20, a notable Twitter user, WrathofKahneman, tweeted that executives from Ripple met with the Joyalukkas Exchange in the United Arab Emirates to discuss the company’s XRP coin and how it facilitates money transactions.
According to the discussion, the main focus was on Ripple’s On-Demand Liquidity (ODL) solution, which employs XRP as a bridge currency. Due to its ability to offer quick settlements for cross-border payments, ODL has attracted much interest in the remittance sector.
Additionally, utilizing XRP as a bridge currency, the ODL solution eliminates the need for pre-funding accounts in destination currencies, resulting in faster and cheaper transactions.
Joyalukkas Exchange, with its extensive network of branches across the UAE, is well-positioned to take advantage of Ripple’s technology to offer its customers a more seamless and affordable cross-border payments experience.
The discussion between Ripple and Joyalukkas Exchange has proceeded well, with both sides indicating a desire to work together.
Although no specifics regarding a future collaboration have been divulged, the meeting might indicate Ripple’s growing presence in the UAE market.
Ripple has made tremendous strides in growing its influence in the Middle East in recent years. For instance, Ripple teamed with UAE Exchange, the region’s premier money transfer provider, in 2018 to facilitate real-time cross-border payments utilizing blockchain technology.
Ultimately, with the inclusion of Joyalukkas Exchange to Ripple’s Middle Eastern partner network, the business may cement its position as the region’s top supplier of blockchain-based solutions for cross-border payments.
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