- Ripple’s key partner in the UAE has joined hands with JPMorgan to facilitate instant currency transfers.
- Ripple is confident that it’s XRP Ledger can handle CBDC and stablecoin transactions for billions of people worldwide.
As per the latest development, one of Ripple Labs’s strong partners in the UAE – Al Fardan Exchange LLC – has joined hands with Wall Street banking giant JPMorgan on Tuesday, December 6. Al Fardan is one of the leading licensed and regulated platforms in the UAE for money transfers and currency exchanges.
The two players will work to facilitate a same-day money transfer facility for UAE’s corporate customers. As a result, customers of Al Fardan Exchange will have access to currencies in multiple currencies such as the U.S. Dollar, Sterling Pounds, Euros, South African Rands, and others.
The Al Fardan Exchange entered into a partnership with Ripple earlier this year in January 2022. But with Al Fardan Exchange entering into a partnership with JPMorgan there lies a possibility that both financial giants could potentially explore Ripple services in the future.
Ripple’s XRP Standard is one of the most sought-after solutions used by global banking institutions in cross-border settlements. In the latest development, the Bank of Australia’s largest financial conglomerate, CommBank, said that they would be Ripple’s XRP and ISO 20022 standard for cross-border payments.
But for a fact, we know that JPMorgan has its own blockchain platform that facilitates cross-border transactions using the native JPMCoin. Thus, the possibility of them using Ripple’s XRP Standard remains limited as of now.
The Al Fardan exchange recently celebrated its 50th anniversary in the market. Besides, they also launched their own application AlfaPay. As a result, the company offers its customers “a branch in the pocket” while providing them with seamless and secure transactions.
Ripple’s Push In the Global Banking Space
San Francisco-based blockchain startup Ripple has been trying to make its way into the global banking space as the industry shifts from traditional solutions. Its blockchain-based RippleNet solution is already popular among more than 200 financial players across the world.
Recently, ripple showed a willingness to participate in the trillion-dollar CBDC market. Central bank digital currencies (CBDCs) have been the area of utmost interest among major global economies. Recently, Ripple released its own CBDC whitepaper offering a complete framework for implementing CBDCs.
Ripple is confident that it’s XRP Ledger can handle stablecoins and CBDCs for billions of people worldwide. It noted:
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The XRPL’s built-in Authorized Trust Lines feature also ensures that stablecoins and other issued tokens can only be held by accounts that the issuer themselves authorizes for an added layer of security.
Furthermore, Ripple is making key partnerships with global banking institutions. Ripple CEO Brad Garlinghouse recently said that Bank of America is willing to use Ripple’s on-demand liquidity products (ODL). However, they are waiting for Ripple to settle its court case with the U.S. SEC.
