In less than a year after newly-found Ripple Labs’ company partnered with the leading currency exchange company in the United Arab Emirates (UAE) known as AI Fardan, the latter has further proceeded to expand its partners by moving to partner with the world’s largest private banking firm and assets management company known as JP Morgan. This partnership is meant to boost the services provided by this exchange and attract many more firms across the United Arab Emirates to employ their services in making payments.
However, an important question many crypto investors are considering today is whether this partnership will benefit Ripple who earlier on entered into a partnership with the AI Fardan exchange in January 2022. Is it a good time to buy ripple (XRP)?
To help clarify investors on the expected impact this partnership could have on ripple, this work has taken time to explore the nature of the partnership between Ripple and AI Fardan before correlating it with the current partnership with JP Morgan today. This will help investors understand better the impacts the current partnership will likely have on ripple prices.
Ripple Labs’ partner – AI Fardan partners with JP Morgan: What you need to know about the partnership The Ripple Lab’s partner – AI Fardan – a leading currency exchange company based in the United Arab Emirates (UAE) has partnered with a leading global financial services providers – JP Morgan known for private banking and asset management services to its clients in more than 100 different countries today.
The partnership was necessary to support a quick settlement for all transactions and to expedite the transfer of fiat currencies for clients using the exchange.
Hence, all customers using the AI Fardan exchange will enjoy the same-day value for transactions and an increased speed in delivery while making international transfers.
What you need to know about AI Fardan currency exchange today
Al Fardan is a popular exchange in the UAE that facilitates international money transfers and different currency exchanges with the region. The exchange is a licensed dealer in the UAE and is regulated by the Central Bank of the United Arab Emirates.
By moving to partner with JP Morgan, the exchange seeks to leverage its quality service delivery in improving its services too. JP Morgan is known to offer competitive prices to clients when it comes to currency conversions and they have remained unbeatable in the market today.
Understanding the nature of the partnership between ripple and AI Fardan Currency Exchange
At the beginning of the year 2022, AI Fardan sought to leverage Blockchain technology in expanding the speed of its money transfer services especially when it comes to making international payments. Hence, it moved to partner with Ripple to enable them to utilize its network for making payments. The RippleNet cloud remarkably is one of the fastest blockchains that supports cheap payments and online money transfers across various networks.
Will the recent partnership between AI Fardan and JP Morgan have any impact on the price of Ripple today?
The recent partnership between AI Fardan and JP Morgan is expected to draw more users into the exchange thereby increasing the volume of transactions carried out on the platform.
However, the AI Fardan exchange utilizes the Ripple network for making payments. Therefore we are to expect a great increase in the volume of transactions carried out on the ripple network henceforth with this partnership.
More so, the ripple network uses ripple as the token for paying for transactions too. Therefore more demands would be made for ripple as a result of this partnership, causing the price to shoot up based on increased demand.
