Skip to content

Ripple Partners With Joyalukkas Exchange in UAE to Enable Fast Global Payments

Joyalukkas Exchange is a subsidiary of the Joyalukkas Group. The objective of the supplier of payment services is to achieve a position among the top providers of foreign exchange services in the region.

Photo by Fernando Jorge / Unsplash

Not so long ago, the Chief Executive Officer of Ripple, Brad Garlinghouse, brought the issue to the legislative progress made worldwide compared to the headwinds the industry is experiencing in the U. S.

The Middle East and North Africa (MENA) region is where cryptocurrency is regarded as a potentially game-changing innovation. It is also one of the regions in which the business has previously been able to negotiate high-profile partnerships.

And just today, it looks like Ripple has brought in a new business partner. On LinkedIn, Punnoose Mathew, managing director of Dubai-based Joyalukkas Exchange, remarked (1) that he met with Ripple staff Mark Johnson, William Cooley, and Nick Taplin, known as "the pioneer in crypto and blockchain strategies for businesses." Mathew also mentioned that the meeting took place in Dubai. Mathew has written:

"It was a very constructive conversation on how Ripple might be a potent tool for fund transfer organizations to scale up for inexpensive cross-border payouts, immediate settlement, and consistent liquidity access with their On-Demand Liquidity by using the XRP platform. The discussion was fruitful, and we look forward to working with you."

Ripple's New Business Partner

Even though Ripple has yet to formally announce its new partner, Mathew's wording makes it evident that this is the case. To improve the efficiency of its international financial transactions, the company plans to implement On-Demand Liquidity (ODL), a solution that is built on top of XRP.

The Joyalukkas Group is a global corporation worth multiple billion dollars and a well-known brand in jewelry dealing. Joyalukkas Exchange is a part of the Joyalukkas Group. The objective of the payment services supplier is to achieve a position among the top forex services provider in the region.

Regarding international monetary transfers, the website of Joyalukkas Exchange states that the company provides various remittance options to each customer and promises the most competitive exchange rates.

Screengrab of Joyalukkas Exchange. Source: 2.1

To facilitate this, the provider of payment services has developed several strategic alliances that enable "fast and easy remittances to any area of the world at the best prices."

Per the website, the rapid money transfer service makes it possible to transfer money in minutes. This can be done by withdrawing cash from a variety of agencies and also by withdrawing money from accounts in certain countries.

In addition, Joyalukkas Exchange is regarded as one of the most important Western Union agents. Customers can send and receive money at any of the more than 200,000 agent sites worldwide. Also, the service provider has formed partnerships with other payment businesses, such as Ezremit and IME, as well as Transfast.

According to observations made by a member of the XRP community named Wrath of Kahneman, the US fintech company and the Joyalukkas Exchange share some of the same existing partners.

The price of XRP was $0.40 at the time of this article's publication, representing a 5.42 % increase over the previous 24 hours.  

Chart Source: (1.1)