XRPayNet partners with top firms to enable UAE businesses to convert crypto payments to fiat.
XRPayNet, a payment solution built on XRP Ledger (XRPL), has partnered with three firms to allow hundreds of businesses in the United Arab Emirates (UAE) to help them build a retail payment system.
In a recent announcement, XRPayNet noted that its CEO Kristian Poliszczuk partnered with Dubai-based ChainTech Labs, BAPESCLAN, and Esposito Intellectual Enterprises, for the initiative.
“In the last 30 minutes, our CEO Kristian has signed contracts with @ChainTechLabs @bapesclan and @brianjesposito on agreed terms for a retail payment system for hundreds of stores across the UAE,” XRPayNet noted.
🚨BREAKING NEWS 🚨
In the last 30 minutes our CEO Kristian has signed contracts with @ChainTechLabs @bapesclan and @brianjesposito on agreed terms for a retail payment system for 100’s of stores across UAE. #xrpaynet #chaintechlabs #bapesclan #crypto
— XRPayNet (@XRPayNet) November 27, 2022
XRPayNet offers a crypto-to-fiat payment solution built on the XRP Ledger. It allows businesses to accept cryptocurrency payments in exchange for goods and services. This solution allows cryptocurrency holders to spend the asset class across selected stores. The nascent asset class is converted immediately into the business’ preferred conventional currency once payment is made due to the high volatility associated with crypto.
In a statement on its website, XRPayNet claims it is “redefining the industry standard for financial transactions” and will also “facilitate the conversion of consumer crypto payments made to businesses into their preferred conventional currency.”
Per XRPayNet, it converts cryptocurrency payments to fiat through its bank card and mobile application, thus allowing businesses to continue using their existing payment processing systems.
In a recent tweet, XRPayNet stated that it is building a bridge between crypto and fiat transactions while indicating plans to “incorporate” a Buy-Now-Pay-Later (BNPL) service.
We are building a bridge between crypto and fiat transactions as well as incorporating BNPL A FIRST IN THE CRYPTO SPACE 🚀#crypto #pay #bridge #space #buy #architecture #build #buildabridge #buildingabridge #amazingplaces pic.twitter.com/Qsj8zPyhOb
— XRPayNet (@XRPayNet) November 29, 2022
Growing Crypto Adoption in UAE
XRPayNet’s move to develop a crypto payment system for businesses in the UAE comes as the region is fast becoming a hub for cryptocurrency. According to data from Statista, UAE has the fifth-largest global cryptocurrency adoption rate at 34% this year.
Following the widespread adoption of cryptocurrencies in the UAE, several crypto-related companies, including Kraken and Sygnum, were granted licenses by the UAE government.
Cryptocurrency bank Sygnum said it was granted in-principle approval by the UAE’s Financial Services Regulatory Authority (FSRA) to offer crypto services in the region.