Ripple launches cross-border blockchain payment service in UAE

Odaily News Ripple, the parent company of the cryptocurrency XRP, has launched a cross-border blockchain payment service in the United Arab Emirates (UAE). Zand Bank, the UAE's first purely digital bank, and fintech company Mamo will become the main users of the payment system, using the Ripple Payments platform to combine stablecoins, cryptocurrencies and fiat currencies for payments and achieve fast settlement. Ripple has previously obtained a crypto payment license from the Dubai Financial Services Authority (DFSA). The UAE ranks high in cryptocurrency adoption and is actively developing into a crypto hub. Several stablecoins have been recognized and plans to launch a digital dirham. (Cointelegraph)