When you are placed in an incredibly competitive space they need to develop yourself is on the horizon. This means that you need to constantly upgrade yourself and get to know your field of expertise before you start to even expand your business. Out of all the recent business trends, one of the most significant and yet most satisfying outcomes with the cryptocurrency field is the credibility that you get with the outstanding number of partnerships you can score with.
What are the UAE banks looking for?
When it comes to a system based on security and credibility, partnerships play a major role in developing the front end of the system with almost a lot of definite objectives that get fulfilled along. Majority of the companies that venture into the Blockchain technology look to make through with major partnerships to make sure that they have a safe ride in an incredibly hostile environment. Many of the companies tie the knot down and after a period of time, let go of the company’s major share into the partner’s hands.
Well this being a prominent methodology, recently a hyper performing company in the Blockchain technology Ripple made a deal. According to the sources, the company shook hands with the Bank of Fujairah(BFJ) one of the tops and most sophisticated banks in the UAE soil. The bank recently announced their property of dropping in a blockchain technical support to aid their operations.
Has Ripple got it?
It looks like Ripple finally pulled the show off by convincing the bank that they are the much-suited company for this venture. Many of the other major banks are also looking forward to making such deals with the Blockchain-based companies as they are slowly understanding the different ways in which the technology can actually help them uplift their economical stature to much greater heights.
The deal between Ripple and the Bank of Furjiah in the UAE is mostly to make sure that the bank is able to facilitate cross border payments more effectively and securely. Security is one of the major concerns for the banks of UAE and it has recently struck a chord with them that transactions through the blockchain technology are one of the safest and credible sources that they can rely on.
This very move from Ripple will widely expand the fact that financial streams can trust blockchain for payments and with this steal of a deal, Ripple will be able to aim a much wider audience.