Ripple’s expansion continues with a new partnership in Egypt. The country’s national bank has recently signed a co-operation agreement to join the blockchain-based payments network RippleNet to implement remittance payments.
Ripple Partners With NBE
The National Bank of Egypt is the oldest and largest bank in the country. As of yesterday, the NBE is partnering up with Ripple. The collaboration aims to leverage Ripple’s blockchain-based payments network RippleNet to facilitate faster and cheaper cross-border payments.
Numerous NBE officials attended the signing, including the bank’s Chairman Hisham Okasha and VC of the Board – Dalia El-Baz.
Okasha noted that the partnership with Ripple comes in the right moment for the NBE. According to him, the bank’s main focus as of late has been providing better solutions in terms of inward remittance payments and RippleNet will be implemented in this field. Okasha added that the NBE will be the first Egyptian bank to offer a similar product.
El-Baz mentioned that RippleNet’s network, consisting of more than 300 international banks and financial institutions, will be extremely beneficial for the NBE. He continued by outlining the advantages coming from the blockchain technology, including faster transaction time and lower rates.
Additionally, NBE officials stated that they had run numerous tests on the network to make sure that it’s entirely safe and secure to operate large transactions.
Ripple Across The Map And XRP’s Role
Ripple has not stayed quiet in recent months, as the company entered several other markets, as well. As Cryptopotato recently reported, the firm announced a partnership with Thailand’s oldest bank – Sian Commercial Bank (SCB). By utilizing Ripple’s blockchain network, the bank will create an application, dubbed SCB Easy, to be used for low-cost cross-border payments.
Previously, the company behind the third-largest cryptocurrency, XRP, said that it will be expanding its services in Brazil. By signing previous deals with large banks in the South American country, Ripple will utilize its native cryptocurrency for remittance payments.
The new partnership with the NBE does not clarify if it will use XRP. Yet, it’s still worth noting the latest price developments around the third-largest cryptocurrency by market cap.
Reaching a yearly low on January 2nd of $0.183, XRP has noted a serious surge of over 56% since then to the current level of $0.287. If it continues upwards, $0.289 and $0.30 stand in its way as crucial resistance lines. Alternatively, $0.265, and $0.26 are the most significant levels of support.