Connect with us

Amb Crypto

Ripple targets UAE-India corridor with LuLu Exchange, Federal Bank partnership

Avatar

Published

on

UAE-based LuLu Exchange is in the news after it announced its partnership with Ripple and India’s Federal Bank to facilitate faster cross-border payments from UAE to India.

The partnership between Ripple and Federal Bank, a leading Indian private bank, has long been rumored, with an official disclosure released by the Federal Bank doing the rounds too. However, this is perhaps the first time a partnership of such a tripartite nature has been announced, especially one involving an Indian bank. Interestingly, the disclosure in question said,

“This partnership will help Federal Bank to explore new corridors where Ripple is aggressively pursuing new partnerships.”

Using RippleNet, cross-border remittances are expected to be significantly faster and more secure, an incredible development, especially in light of the high remittance volume between India and the UAE.

The same was recently highlighted by Asheesh Birla, General Manager of RippleNet, after he revealed that the APAC region remains Ripple’s busiest region for customer demand and transaction growth. In India alone, Ripple is working with 3 out of the 5 major banking players, with the rapidly growing MENA-India corridor likely to become Ripple’s largest one so far.

India is the world’s top receiver of remittances, with the country’s share in global remittance volumes often climbing as high as 12% in the years past.

The UAE alone accounts for over $13.8 billion in remittances to India, ranking number one amongst all the countries in terms of inward remittances to the nation. Ripple is the first company to provide a blockchain-enabled solution to the country’s remittance market.

Further, according to previous reports, 20% of all transactions on Ripple’s On-Demand Liquidity (ODL) platform used XRP as a bridge currency on RippleNet.

It should be noted, however, that it is unclear whether RippleNet will make use of Ripple’s native crypto-asset XRP to facilitate these cross-border transactions.

Source: https://ambcrypto.com/ripple-targets-uae-india-corridor-with-lulu-exchange-federal-bank-partnership/

Amb Crypto

Miami Mayor dismisses Treasury Secretary Yellen’s criticism of Bitcoin

Avatar

Published

on

Over the past few weeks and months, Miami and Mayor Francis Suarez have been working towards positioning the city as the country’s premier crypto-hub. “We want to be one of the most crypto-forward and technological cities in the country,” Suarez had said in a recent interview, with the comments coming on the back of reports […] Source: https://ambcrypto.com/miami-mayor-dismisses-treasury-secretary-yellens-criticism-of-bitcoin/

Continue Reading

Amb Crypto

FD7 Ventures launches $250M Micro-Fund in India for Cardano, Polkadot-based projects

Avatar

Published

on

A few days after FD7 Ventures, a Dubai-based crypto-investment fund, made news after it announced its decision to sell its Bitcoin holdings worth $750M to buy more Cardano and Polkadot, the fund is in the headlines again. According to a press release, FD7 Ventures has now launched a $250M Micro-Fund in India to invest in […] Source: https://ambcrypto.com/fd7-ventures-launches-250m-micro-fund-in-india-for-cardano-polkadot-based-projects/

Continue Reading

Amb Crypto

Why Mark Cuban is looking forward to Ethereum’s use cases

Avatar

Published

on

Entrepreneur Mark Cuban is in awe of Ethereum network and thinks that blockchain technology could be a game-changer for various industries. In a recent interview, Cuban said that it is the “simplification of smart contracts” on Ethereum that gets him “excited.” He said: Because now, all these SaaS companies, all these different companies, I could […] Source: https://ambcrypto.com/why-mark-cuban-is-looking-forward-to-ethereums-use-cases/

Continue Reading

Amb Crypto

Litecoin, EOS, Enjin Coin Price Analysis: 01 March

Avatar

Published

on

Litecoin seemed positioned for additional losses after the long-term moving average closed in on the short-term line. EOS moved within a descending channel after finding support at $3.5. Lastly, ENJ went past a key resistance and saw its price rise on the charts. Litecoin [LTC] Losses in the last seven days amounted to over 25% […] Source: https://ambcrypto.com/litecoin-eos-ftx-token-price-analysis-01-march/

Continue Reading
Gaming4 days ago

Betfred Sports, Represented by SCCG Management, Signs Multi-year Marketing Agreement with the Colorado Rockies

Blockchain3 days ago

‘Bitcoin Senator’ Lummis Optimistic About Crypto Tax Reform

Blockchain3 days ago

Dogecoin becomes the most popular cryptocurrency

Blockchain3 days ago

Billionaire Hedge Fund Manager and a Former CFTC Chairman Reportedly Invested in Crypto Firm

Blockchain3 days ago

Bitcoin Price Analysis: Back Above $50K, But Facing Huge Resistance Now

Payments5 days ago

4-parter on Coinbase “IPO” – Part 1 = 5 Reasons Why It Matters

AR/VR4 days ago

‘Farpoint’ Studio Impulse Gear Announces a New VR Game Coming This Year

Blockchain3 days ago

NEXT Chain: New Generation Blockchain With Eyes on the DeFi Industry

Aerospace5 days ago

Partners produce rotor blade 3D-printed tool on Ingersoll 3D printer

Startups4 days ago

What to expect tomorrow at TC Sessions: Justice 2021

Blockchain4 days ago

Why March 2021 may see Bitcoin register yet another pullback

Private Equity4 days ago

Instacart raises $265M at a $39B valuation

AI4 days ago

How AI is Transforming Cybersecurity in 2021?

Blockchain3 days ago

Institutional Investors Continue to Buy Bitcoin as Price Tops $50K: Report

Blockchain4 days ago

QuickSwap DEX Offers Credit and Debit Card Support

Big Data1 day ago

Online learning platform Coursera files for U.S. IPO

Blockchain5 days ago

NSAV ANNOUNCES SIGNING OF CLOSING DOCUMENTS FOR EQUITY ACQUISITION OF CRYPTOCURRENCY TRADING BROKER, VIRTUABROKER

Blockchain3 days ago

Elrond & Reef Finance Team Up for Greater Connectivity & Liquidity

Blockchain4 days ago

Crypto tax startup TaxBit raises $100 million in round backed by PayPal, Bill Ackman and more

Ecommerce4 days ago

Vestiaire Collective raises $216 million for its second-hand fashion platform

Trending