Ripple launches cross-border blockchain payments in UAE
Zand Bank, the UAE's first all-digital bank, and Mamo, a fintech company that offers a digital payment platform for businesses, will be the principal users of the blockchain payments system, according to a May 19 Ripple announcement.
Zand Bank and Mamo will use 'Ripple Payments' to facilitate cross-border blockchain payments.
Ripple Payments is a platform that combines stablecoins, cryptocurrency, and fiat to enable payments and quick settlement times, a feature of Web3 that cross-border traditional finance payment systems often lack. Ripple was licensed to offer crypto payments by the Dubai Financial Services Authority (DFSA) in March.
Reece Merrick, Ripple's managing director for the Middle East and Africa, said acquiring this license 'enables Ripple to better serve the demand for solutions to the inefficiencies of traditional cross-border payments, such as high fees, long settlement times, and lack of transparency, in one of the world's largest cross-border payments hubs.' UAE ranked 56 out of 151 countries for crypto adoption
Chainalysis, a blockchain data platform, ranked the United Arab Emirates 56th out of 151 countries for crypto adoption, according to a 2024 report. The country scored high in decentralized finance, stablecoin use, and altcoins.
The UAE has made some changes that may further increase its ranking. Various emirates, including Abu Dhabi and Dubai, have attempted to establish themselves as crypto hubs.
In December 2024, Tether's USDt became an accepted virtual asset in Abu Dhabi. In 2025, Circle's USDC and EURC became the first stablecoins recognized under the emirate's crypto token regime.
The country is also continuing plans to establish a digital dirham, which would be a central bank digital currency.
On May 19, Dubai's Virtual Assets Regulatory Authority (VARA) announced more oversight for crypto asset activities, specifically margin trading and token distribution. There will be a 30-day transition period, and affected companies will be expected to comply with the new rules by June 19.
Source: https://cointelegraph.com/news/ripple-launches-cross-border-blockchain-payments-uae
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
13-06-2025
- Zawya
Boursa Kuwait's general index climbs 51.51 points
KUWAIT CITY: Boursa Kuwait ended Wednesday's session on a positive note, with the general index climbing 51.51 points, or 0.63 percent, to close at 8,268.50 points. The day saw a total of 408.11 million shares traded through 21,279 cash transactions, with a total value of KD 94.7 million (approximately USD 289.7 million). The Main Market Index advanced 34.51 points (0.49 percent) to settle at 7,042.38 points, as 201.6 million shares changed hands via 10,107 transactions, generating KD 21 million (around USD 64.2 million) in turnover. Meanwhile, the Premier Market Index posted a gain of 58.29 points, or 0.65 percent, to reach 8,982.89 points. Trading volume reached 206.4 million shares through 11,172 transactions, with a total value of KD 73.7 million (about USD 225.5 million). In parallel, the Major 50 Index also edged higher, adding 16.74 points (0.23 percent) to finish at 7,212.92 points. A total of 163.3 million shares were traded via 6,413 cash transactions, amounting to KD 15.5 million (roughly USD 47.4 million). (KUNA)
Crypto Insight
09-06-2025
- Crypto Insight
Bitcoin can liquidate $15B in shorts with 10% BTC price uptick — Data
Key points: Bitcoin is working on completing a 'successful' support retest as trader bets increase prior to the weekly candle close. BTC price volatility is expected as liquidity analysis shows that conditions favor a significant short squeeze. $100,000 still remains a likely target in the event of a fresh price dip. Bitcoin held $105,500 toward the June 8 weekly close amid hopes that the BTC price correction was over. Bitcoin liquidation risk rises as price coils at $105,000 Data from Cointelegraph Markets Pro and TradingView showed BTC/USD cementing its rebound after a trip to $100,500 on June 5. Now almost back at its weekly open level, Bitcoin again inspired traders to bet on upside continuation and resumption of the bull run. 'On the Daily timeframe, Bitcoin is showcasing signs of breaking its two-week Downtrend (light blue) while also turning it into support earlier today,' popular trader and analyst Rekt Capital told X followers while uploading a chart with key levels. 'Daily Closing & retesting ~$106600 (black) would be even better to enable trend continuation.' BTC price action had already achieved a daily close above its 10-day simple moving average (SMA) — something that fellow trader SuperBro had said was a prerequisite to 'invalidate the bear case.' $BTC still needs to reclaim the 10 MA and H&S neckline on a closing basis to invalidate the bear case until then, this is not the place to get aggressive with longs, the time for that was the retest of the FVG and 50 MA, when you were so sure it was all over 😂 — Super฿ro (@SuperBitcoinBro) June 7, 2025 Trader Cas Abbe meanwhile looked to order book liquidity for cues over price direction. This was building both above and below spot price, leading Abbe to predict a magnet-style move to 'grab' it. 'BTC liquidation cluster is now signalling an upside move,' he summarized on X. 'If BTC pumps 10% from here, $15.11 billion in shorts will get liquidated. Meanwhile a 10% downside move will liquidate $9.58 billion in longs.' Abbe noted that negative funding rates pointed to 'big short positions' appearing over the weekend. 'I think BTC big move is coming next week, possibly pushing it above $109K-$110K,' he concluded. $104,400 now key weekly close level Some saw the potential for further support retests first. Updating X followers on his market forecast, popular trader CrypNuevo saw the logical place to build long BTC positions at $100,000. '100k is the strongest psychological support so, as explained on Sunday, it's the area where I'm building some longs with easy invalidation below it,' he wrote, referring to his previous aim of tagging the $100,000 mark. Rekt Capital meanwhile described the support retest after May's all-time highs on weekly timeframes as 'successful.' 'Can Bitcoin successfully confirm this retest with a Weekly Close above $104400 for what would be a 4th week in a row?' he queried. Source:
Crypto Insight
09-06-2025
- Crypto Insight
Dubai real estate sales hit $18B in May amid tokenization push
Dubai's real estate market surged in May, posting record sales volumes and transaction values that signal growing investor confidence and potential readiness for property tokenization. According to data shared in a press release with Cointelegraph by real estate platform Property Finder, Dubai's real estate sector reached a total sales value of 66.8 billion dirhams (about $18.2 billion) across 18,700 transactions in May. The figures indicate a 44% year-on-year surge in transaction value and a 6% rise in sales volume. The growth was driven by both primary and secondary market activity. Primary sales saw a 314% spike in value compared to May 2024, while secondary sales rose 21% in value. The performance comes amid an accelerating push into real estate tokenization, which opens up the market to more investors and reshapes the dynamics of property ownership. Dubai's real estate market performance signals tokenization readiness Scott Thiel, the co-founder and CEO of the real-world asset (RWA) tokenization platform Tokinvest, told Cointelegraph that the record-breaking performance of Dubai's real estate market signals the city's readiness for real estate innovation like tokenization. 'It reinforces what we already knew, Dubai is becoming one of the most active and attractive real estate markets globally,' Thiel told Cointelegraph. 'When you see 60 billion dirhams in transactions in a single month, it's a strong signal that the market is liquid, dynamic and ready for innovation.' The executive added that real estate tokenization is no longer a futuristic concept but an active development gaining steam. Thiel added that the volume presents a perfect launchpad for fractionalization — dividing properties in smaller, more affordable shares — to meet investor demand locally and internationally. Thiel added that tokenization will not just follow market growth but will help accelerate it. 'Tokenisation won't just accompany the next record, we believe, it will help drive it,' he said. Regulators back tokenized assets Dubai's real estate boom in May coincided with major regulatory and industry developments to modernize how properties are sold and bought. On May 1, Dubai's MultiBank Group, real-estate giant MAG and blockchain provider Mavryk signed a $3 billion RWA agreement. The deal will bring MAG's luxury real-estate projects into the blockchain using a regulated RWA marketplace. On May 19, the Virtual Asset Regulatory Authority (VARA), Dubai's crypto regulator, updated its guidelines to include provisions for real-world asset (RWA) tokenization. Lawyer Irina Heaver told Cointelegraph these rules give issuers and exchanges a clear path to launch and trade tokenized real estate assets. On May 25, the Dubai Land Department (DLD), the Central Bank of the United Arab Emirates, and the Dubai Future Foundation launched a tokenized real estate project in the Middle East and North Africa region. The government institutions launched a platform that allows investors to buy tokenized shares in 'ready-to-own properties in Dubai.' Source:
