The payments system will be based on Ripple’s blockchain network, and it will be released sometime in the first quarter of 2019, with a focus on Asian remittances, according to a Blokt announcement. The UAE Exchange and Ripple plan to get this market with their services that are based on the blockchain tech.
The companies’ partnership dates from February 2018, and the goal was to process cross-border payments. RippleNet includes more than 100 members (banks and financial institutions), which are engaged in making cross-border transactions quicker and more manageable.
The UAE exchange is part of the foreign exchange firm Finablr. Blokt has revealed that Finablr might also explore how Ripple is able to enhance their B2B solutions as well.
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