Ripple Payments Network Adds UAE Exchange and Unimoni
Ripple, XRP–On a day when XRP slipped out of the second overall spot by market capitalization, being edged out by perennial contender Ethereum (ETH), the parent company Ripple had positive development for its payments network.
Ripple, the blockchain-based startup out of Silicon Valley and original creator of the XRP coin, has added Finablr to their list of clients operating on the RippleNet Blockchain Network. Finablr, a global platform for payments and foreign exchange solutions and based out of the United Arab Emirates (UAE), first announced the news in a press release on Feb. 11, which included information about a collaboration with Thain banking systems.
According to the release, Finablr will be utilizing the Ripple Network for its UAE Exchange and payment platform Unimoni to conduct real-time, blockchain based transactions to Thailand. The company also reports an intention to expand the service to more countries in the future.
UAE Exchange and Unimoni are now on RippleNet. The brands will use the blockchain-based platform provided by Ripple for real-time, seamless cross-border transactions to Thailand, with plans in place to extend it to other countries.
As stated in the press release, the integration of Ripple’s Payment Network makes UAE Exchange and Unimoni the first categorical group of its kind in the Middle East to adopt blockchain technology for processing transactions, a landmark event for both the global development of the industry and its broader use.
The initial use of the service will focus on Thai banking branch Siam Commercial Bank, one of the largest banks in Thailand according to the release, which will allow customers of UAE Exchange and Unimoni from around the world to transfer money instantly to recipients in Thailand.
Promoth Manghat, Executive Director and CEO of Finablr and Group CEO of UAE Exchange and Unimoni, related his company’s excitement for integrating blockchain into their existing service, a move he believes will prove advantageous with the innovation of financial technology,
“The adoption of blockchain opens up considerable potential to streamline remittances and provide a frictionless, fast and secure payments experience. The launch of this service is a significant milestone for us in our commitment to enable seamless services for our customers, and we thank our partners Ripple and Siam Commercial Bank for their collaborative support in this journey.”
Navin Gupta, Managing Director of South Asia at Ripple also commented on the partnership, echoing the sentiment that Ripple’s payment network is improving the experience of sending money globally, while also broadening adoption for blockchain,
“We are excited to see this collaboration go live, allowing customers in any part of the world to send live payments to Thailand instantly and efficiently. In pursuit of our shared goal to provide a frictionless experience when moving money globally, we will continue to support our partners – UAE Exchange and Unimoni – in their efforts to deliver innovative technology-led financial solutions.”
While the price of XRP did not experience any significant price change following the announcement, Ripple has made a concerted effort to distance itself from the coin in an effort to promote decentralization. Instead, XRP–now trading in the third position by overall market cap–continued to hold the majority of its gains from last weeks price jump.