Ripple Embraced by UAE-Based Banks and Cryptocurrency Exchanges

29/01/2018 16:22 AST

Ripple has made a big impact on the cryptocurrency industry. Its native XRP asset is in high demand on a global basis. BitOasis, Dubai’s top cryptocurrency exchange, will enable XRP trading later this week. This news comes on the heels of the UAE’s RAK bank partnering Ripple for instant blockchain payments in India. The year 2018 may prove to be very solid for the blockchain company and their XRP asset.

The addition of XRP to BitOasis is a big development for Ripple. Their native digital asset has never been in such high demand before. The Dubai exchange feels now is a good time to introduce traders to this particular asset. The new trading markets will go live on January 30th. Customers can buy the XRP token using AED wire transfers or UAE-issued credit cards. BitOasis raises the bar in terms of making the purchase of XRP a lot more convenient for its users. This is the third currency to be supported by the exchange, next to Bitcoin and Ethereum.

Ripple Makes Headway in the UAE

According to BitOasis, there is an increasing demand from customers to trade and buy XRP. Considering how this exchange is one of the biggest platforms in the region right now, they have to set a precedent. Whether or not other companies will follow their lead by example, remains to be determined. It is certainly possible other companies will follow this example in the coming months. Global demand for Ripple’s asset is soaring despite the current lower price. It’s good to see BitOasis come back so strongly. Earlier this month, they faced issues with Emirates NBD blocking transfers to this platform.

This is not the only positive news for Ripple in the UAE region. More specifically, the UAE’s RAK bank has also shown a keen interest in this company. Thanks to a new partnership, both entities will use blockchain technology for instant payments to India. Ripple’s ecosystem, known as RippleNet, has a lot of promise in this regard. Enabling live retail remittance payments to Axis Bank users in India is an interesting option to explore. Furthermore, this is another validation of what Ripple is trying to achieve.

The world of international payments is undergoing many different changes. Using blockchain technology is the next logical evolution in this industry. RAK Bank aims to launch instant, frictionless, and secure money transfer services to India’s Axis Bank customers. Only time will tell if they can be successful in this regard. Axis Bank is also one of Ripple’s partners since January of 2018. They are also using into using RIppleNet for cross-border remittance.

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