Ripple, one of the most popular companies in the cryptocurrency market was able to sign a new partnership with a recognized Egyptian bank that is expected to help push blockchain and XRP adoption forward. The agreement involves Ripple Labs and the National Bank of Egypt, according to a recent report from Youm7. This is the oldest national bank in the country.
Ripple Closes New Massive Partnership
Ripple continues to expand in the virtual currency market with a new partnership with a large financial institution in North Africa. The National Bank of Egypt is expected to use and leverage Ripple’s solutions in order to process remittances and offer better services to clients in both the Arab world and other jurisdictions.
Ripple is currently offering clients the possibility to move funds across borders. By using blockchain technology, and in many other cases the XRP virtual currency, cross border payments end up being very cheap, fast and more convenient than ever before.
The report explains that Hisham Okasha, one of the individuals in charge of the new partnership at the Egyptian institution, informed that they have already worked on different safety tests in order to ensure that the services can already be offered to clients. The bank and Ripple have been searching for points of failure before releasing a functional product and service to the market.
Although there is no information about the usage of the XRP virtual currency, it is possible for Ripple to promote XRP’s solutions. Indeed, XRP is the third-largest crypto in the market after Bitcoin (BTC) and Ethereum (ETH) and with it, transactions are faster and cheaper than with the traditional services offered by Ripple and other financial and technology firms.
The XRP virtual currency works as a liquidity asset. Leveraging the fact that XRP is a worldwide traded digital asset, it is possible for financial institutions and individuals to get liquidity in their local currency by exchanging it to XRP, and sending the funds afterwards to another country. Once the XRP arrive (it can take just a few seconds), the funds are converted into the local currency, making it a fast and convenient way to exchange two different fiat currencies that have low liquidity.
At the moment, XRP is the third-largest crypto with a market capitalization of $14.27 billion and a price per coin of $0.32638. In the last 24 hours, XRP surged by over 13%.