Ripple ODL Registered in UAE to Provide Payments and Other Electronic Financial Services Details

Ripple, the company behind the ripple payment protocol and xRapid cross-border payments solution, has announced that its Ripple Open Distributed Ledger (ODL) has been registered with the Central Bank of the United Arab Emirates (UAE). The registration will allow ripple to provide payments and other electronic financial services in the UAE.

What is Ripple(XRP)?

Ripple is a real-time gross settlement system (RTGS), currency exchange and remittance network by Ripple. Also called the Ripple Transaction Protocol (RTXP) or Ripple protocol, it is built upon a distributed open source Internet protocol, consensus ledger and native cryptocurrency called XRP (ripples). Released in 2012, ripple enables “secure, instant and nearly free global financial transactions of any size with no chargebacks.” It supports tokens representing fiat currency, cryptocurrency, commodities, or other units of value such as frequent flier miles or mobile minutes.

Ripple claims to have “solved the long-standing problem of how to move money quickly and cheaply between different currencies.” Using ripple, banks can transact directly and instantly with each other without the need for a central correspondent. Transactions settle in four seconds, compared to more than two minutes for Ethereum and ten minutes for Bitcoin. ripple also reduces the cost of international payments by eliminating the need for a network of foreign correspondents.

About Tyler Markle

Tyler Markle is a cryptocurrency trader who has made a fortune in the digital currency market. He got his start in trading while attending college, and quickly developed a knack for it. Lucas has been able to turn his knowledge of trading into a very successful career, and he now spends his time helping others learn how to trade cryptocurrencies.

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