Ripple has partnered with Lulu Exchange to facilitate cross-border remittances from the UAE to India
Despite the lawsuit against Ripple, the fintech firm seems not to move. The recent announcement records another partnership agreement between himself, Ripple, Lulu Exchange, an exchange based in the United Arab Emirates, and the Federal Bank, a leading private bank in India. According to the announcement, the new partnership will improve real-time payments from the UAE to India.
Ripple's latest partnership agreement
How I know revealed In the Lulu Exchange UAE tweet, the exchange, Ripple, with the Federal Bank, is entering a new partnership.
This occurs simultaneously when Ripple faces the Securities and Exchange Commission in a lawsuit against them.
According to the announcement, the partnership will further improve real-time payments between the United Arab Emirates and India. The association will provide a better, faster and cheaper means of sending money to each other.
At XRP price, the market has shown to be very excited about this new feat, as the value of XRP, Ripple's native token, continues to grow non-stop, posting a 105% gain in the last seven days.
Launch for greatness despite turbulent times
Regardless of the times, this new partnership shows that Ripple Inc. is not shaking, but is prepared for even bigger situations as it installs its stores between the world's largest remittance sender and recipient.
According to the data, India accounts for up to 12% of the global volume of remittances in recent years. On the other hand, the United Arab Emirates accounts for more than 13.8 billion dollars of remittance flow to India.
With this association, Ripple provides a blockchain-enabled solution for the remittance market to unite these two nations, providing an efficient, secure and faster way for Indians living in the UAE to send money home to their loved ones.
Ripple hit by a second lawsuit
Despite a first lawsuit from the Securities and Exchange Commission, Ripple has been hit with another lawsuit. The class action lawsuit was filed on behalf of Florida-based buyer Tyler Toomey.
The recently filed lawsuit accuses Ripple of violating Florida's Securities and Investor Protection Act by offering XRP tokens to investors without imposing any restrictions.