Payments Provider To Utilize XRP As Ripple Continues Expansion in UAE

Recently, the CEO of Ripple, Brad Garlinghouse, called attention to the worldwide regulatory progress in comparison to the industry’s difficulties in the United States.

MENA (Middle East/North Africa) is an area where crypto is seen as a potential innovation and where the company has already signed high-profile partnerships.

And today, Ripple seems to have recruited a new partner. Punnoose Mathew, managing director of Dubai-based Joyalukkas Exchange, said on LinkedIn that he met with Mark Johnson, William Cooley, and Nick Taplin of Ripple, “the pioneer in blockchain and crypto solutions for companies.” Matthew said:

“There was a terrific conversation about how Ripple may be a great facilitator for money transfer firms to scale up for inexpensive cross-border payments, quick settlement, and continuous liquidity availability leveraging the XRP platform’s On-Demand Liquidity. We are delighted to work with you.”

While Ripple has not yet made a formal announcement on its new partner, Mathew’s language is pretty apparent. The firm will leverage the XRP-based On-Demand Liquidity (ODL) technology to optimize its international payments.

Joyalukkas Exchange is a part of Joyalukkas Group, a multibillion-dollar worldwide business and well-known jeweller trade brand. The payment service company aspires to be one of the top foreign exchange service providers in the area.

Regarding cross-border remittances, Joyalukkas Exchange’s website boasts that it offers a variety of remittance options and guarantees the best exchange rates. For this reason, the payment service provider has developed a number of agreements that enable “fast and easy transfers to any area of the globe at the most competitive prices.”

According to the website, the quick money transfer service allows the transfer of funds in a matter of minutes through cash withdrawals at different agencies and account withdrawals in chosen countries.

In addition, Joyalukkas Exchange is one of the principal Western Union agents. It let clients send and receive funds at over 200,000 agent locations globally. The service provider has also formed partnerships with Transfast, Ezremit, and IME, among others.

Wrathof Kahneman, a member of the XRP community, observed that Joyalukkas Exchange and the US fintech firm have a number of the same existing partners.

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