Home » Lulu Strikes Partnership with Federal Bank and Ripple

Lulu Strikes Partnership with Federal Bank and Ripple

by Logan King
Dca92d88 14f5 4812 9df5 9daa183f31a2

A UAE based international exchange has announced a partnership with Federal Bank and Ripple on January 26th, 2021.

The exchange has joined hands with Ripple, a leading name in the crypto industry, to tap into the Indian-UAE corridor.

Lulu, Ripple, and Federal Bank Come Together to Facilitate Faster Remittances Between UAE-India

Lulu Exchange, one of the leading and highly trusted money transfer services in UAE, said that they have partnered with Ripple and Federal Bank to provide real-time, fast, and secure payments from India to UAE in a highly cost-effective manner. The customers can walk into the 76 branches of the exchange in the UAE to avail the services. Federal Bank is a leading bank in India, and this partnership would be the first of its kind. Federal Bank is reportedly having a collaboration with Ripple as per an official disclosure circulated on the internet.

RippleNet provides fast and secure cross border transactions. It is interesting to note that there is a tremendous volume of financial activity between UAE and India. With the partnership, Lulu exchange would be able to get a strong foothold in the market and facilitate better payment transfers in UAE-India.

As Ripple is facing increased scrutiny in the US after the SEC lawsuit, the team is exploring the Asia Pac region for growth. Recently, the General Manager of RippleNet, Asheesh Birla, said that the APAC region is one of Ripple’s busiest and crucial regions in terms of transactions and demand. MoneyGram also recently announced a partnership with Lulu to facilitate enhanced services to the customers in the Asia-pacific region. MoneyGram is also backed by Ripple.

India is one of the leading receivers of international transactions, and its share in global remittance has grown up to 12 percent. Ripple would be the first company to offer cryptocurrency and blockchain enabled transaction services to India. Around $13.8 billion worth of remittances is done from UAE to India. The partnership between Lulu, Ripple, and Federal Bank is intended to tap into the UAE-India corridor’s ever-growing remittances.

XRP is the primary utility token of Ripple. However, it has not been clarified if it would be used in the cross border transactions.


The information discussed by The Coin Magazine is not financial advice. This is for educational and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Do your due diligence and rating before making any investments and consult your financial advisor. The researched information presented we believe to be correct and accurate however there is no guarantee or warranty as to the accuracy, timeliness, completeness. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright The Coin Magazine All rights reserved.

Popular News

Leave a Comment

Ads Blocker Image Powered by Code Help Pro

Please support us to continue to provide free news for everyone

We have detected that you are using extensions to block ads. Please support us by disabling these ads blocker.

Powered By
Best Wordpress Adblock Detecting Plugin | CHP Adblock