On Tuesday, December 6, one of Ripple Labs' strong partners in the UAE, Al Fardan Exchange LLC, announced a collaboration with Wall Street banking giant JPMorgan. Al Fardan is one of the UAE's leading authorized and regulated money transfer and currency exchange platforms.
The two companies will collaborate to provide a same-day money transfer service for corporate customers in the UAE. As a result, Al Fardan Exchange users will have access to exchange rates in multiple currencies, including the United States dollar. Dollars, Sterling Pounds, Euros, South African Rands, and other currencies are all accepted.
The Al Fardan Exchange announced a partnership with the platform in January 2022, earlier this year. However, with Al Fardan Exchange partnering with JPMorgan, there is a chance that both financial behemoths will look into Ripple services in the future.
XRP Standard is one of the most desirable solutions for cross-border settlements among global banking institutions. In the most recent development, CommBank, the largest financial conglomerate in Australia, announced that it would use Ripple's XRP and the ISO 20022 benchmark for cross-border payments.
But we do know for a fact that JPMorgan will have its own blockchain platform that enables cross-border transactions with the native JPMCoin. As a result, their ability to use Ripple's XRP Standard is currently limited.
The Al Fardan exchange is detailing its 50th year in business. They also launched their own app, AlfaPay. As a result, the company provides its customers with a branch in their pocket and convenient and secure transactions.
The Rise in the Global Banking Sector
Ripple, a blockchain startup based in San Francisco, has been attempting to break into the global banking space as it has altered dramatically away from traditional solutions. Its blockchain-based RippleNet solution has already been popular with over 200 financial players worldwide.
Recently, it expressed an interest in entering the trillion-dollar CBDC market. Central bank digital currencies (CBDCs) have piqued the interest of major global economies. It also recently published its own CBDC whitepaper, providing a comprehensive framework for implementing CBDCs.
Ripple believes that its XRP Ledger can manage stablecoins and CBDCs for billions of people around the world. It stated: “For an added layer of security, the XRPL's built-in Authorized Trust Lines feature ensures that accounts can only hold stablecoins and other issued tokens that the issuer has authorized.”
Furthermore, Ripple is forming strategic alliances with global banking institutions. According to its CEO Brad Garlinghouse, Bank of America is prepared to use Ripple's on-demand liquidity products (ODL). They are, however, waiting for Ripple to resolve its legal dispute with the United States. SEC.
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