An influential Twitter user, @WrathofKahneman, said on February 20 that representatives from Ripple had met with the Joyalukkas Exchange in the United Arab Emirates to discuss the company’s XRP token and how it supports money transfers.
Ripple’s ODL Solution using XRP
The major emphasis of the talk was Ripple’s On-Demand Liquidity (ODL) solution, which uses XRP as a bridge currency. ODL has piqued the attention of the remittance business due to its capacity to provide speedy settlements for cross-border payments.
Moreover, the ODL solution uses XRP as a bridge currency, which removes the need for pre-funding accounts in destination currencies. This results in transactions that are both quicker and less expensive.
With its wide branch network throughout the United Arab Emirates, Joyalukkas Exchange is in a good position to make use of the technology provided by Ripple in order to provide its clients with a more streamlined and cost-effective experience when making cross-border payments.
Ripple and Joyalukkas Exchange probed future initiatives
The conversation between Ripple and Joyalukkas Exchange has been moving along well, and both parties have shown a willingness to collaborate on future projects.
Ripple’s increasing presence in the UAE market may be indicated by the meeting, despite the fact that no details on a potential partnership have been disclosed.
Over the course of the last several years, Ripple has made significant headway in expanding its impact across the Middle East. For example, in 2018, Ripple formed a partnership with UAE Exchange, the leading supplier of money transfers in the area, in order to make it possible to make real-time cross-border payments via blockchain technology.
Eventually, Ripple may strengthen its position as the leading provider of blockchain-based solutions for cross-border payments in the Middle Eastern area with the addition of Joyalukkas Exchange to its partner network.
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