Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The crypto market ends the week at a total market capitalization of $1,165 trillion. Bitcoin is up by over 2% after a rollercoaster of a week. Ethereum decreased by almost 1% over the past seven days. XRP gained more than 15% in value this week. Almost all altcoins are trading in the green, with very few exceptions. The DeFi sector decreased the total value of protocols…
Lulu Exchange UAE Airs Its Partnership With Ripple and Federal Bank
Lulu Exchange UAE announced a partnership between Ripple and the Federal Bank of India to increase faster and cheaper real-time payments from the UAE to India.
Since Ripple’s lawsuit led to big losses, these newsstands as a good shot for the company’s progress, the UAE is one of the world’s leading countries in integrated communications technology. It is constantly advancing its telecommunication infrastructure to allow for greater Internet penetration, closing the gap between physical and digital solutions.
UAE Is Innovating Value
With a customer base of 10 million, including 1.5 million NRI customers and a large network of transfer partners worldwide, India’s Federal Bank processed more than 15% of total domestic transfers of $79 billion in 2018.
Furthermore, it has transfer agreements with more than 110 banks or exchange companies around the world. The bank is also listed on the BSE, NSE, and London Stock Exchanges and has offices at India’s First International Financial Services Center (IFSC) in GIFT City, Gujarat.
Federal Bank Limited (NRI) is a commercial bank registered in India’s private sector and based in Aluva, Kochi. The bank also has overseas offices in Abu Dhabi and Dubai.
Even though the UAE has one of the lowest transaction fees globally (3.45% for $ 200 delivery versus an average of seven percent globally), the majority of the Indian diaspora operating in India haven’t accepted pure digital solutions. That way, they take advantage of the savings it offers.
Through LuLu Money and MyPayMyCard payment services, they leverage the UAE ecosystem’s strength, based on proactive regulations, cooperative partnerships, and modern technology, to continue to focus on the vision of financial inclusion.
The company has recently expanded its network to the subcontinent to allow real-time payments to Indian corridors and better serve our Indian consumers’ remittance needs.
Ripple Lawsuit Shook XRP
XRP, the third-largest cryptocurrency in the world, collapsed after Ripple Labs Inc. said it faces a lawsuit by the US Securities and Exchange Commission over its corresponding token.
US regulators have mysteriously decided to sue Ripple, CEO Brad Garlinghouse stated. Still, he said XRP is a currency and does not need to be registered as an investment contract – a reference to the old debate about whether XRP is security and is subject to regulatory disclosure.
Regardless of the outcome, this case is expected to set a major precedent for how US regulators create rules for cryptocurrencies. It also emphasizes the nature of digital currencies except for Bitcoin and Ether.
XRP went down as much as 13%, hitting a low around a week. It currently has a market value of around $ 21 billion and, according to CoinMarketCap.