Ripple adds a new partnership to its record after concluding agreements with the national bank of Fujairah, located in the United Arab Emirates. As part of this collaboration, the institution plans to deploy the RippleNet solution to facilitate its cross-border payments.
A new partnership on the horizon Now part of Ripple's partner network, National Bank of Fujairah PJSC (NBF) said it will use the RippleNet platform to make cross-border payments. In addition, by leveraging the RippleNet interbank network, the UAE bank will also provide a cheaper and more transparent alternative for sending funds internationally. Ripple announces new partnership with UAE bank Speaking about the new partnership, NBF CEO Vince Cook said that Ripple technology provides a frictionless experience for its customers.
"RippleNet will allow us to drive an improved payment experience that will allow our corporate customers to manage their finances more efficiently. We will always seek the best solution for our customers as part of our commitment to be the best financial partner for their professional and personal needs, ”said Vince Cook.
Ripple takes advantage of its XRP cryptocurrency Ripple keeps many advantages under the sleeve, including many blockchain payment solutions. However, Ripple maintains that it derives a large part of its profits from the sale of its native cryptocurrency. “Well, XRP is a source of income. (…) If you take away all of our XRPs, we're less profitable, ”said Ripple CEO Brad Garlinghouse.
In the fourth quarter of 2019, Ripple would have made an excellent gain after having sold more than 13 million XRP to institutional investors. However, investors argue that these massive sales of XRP are helping to devalue the price of the cryptocurrency.
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