Egypt’s largest bank joins Ripple payment network
The National Bank of Egypt, the oldest and largest bank in the country in terms of assets under management, has joined the payment blockchain network of the American fintech company Ripple.
According to local newspaper Youm7, the NBE signed a cooperation agreement with Ripple, thus becoming one of the first Egyptian banks to use blockchain in their operations. NBE intends to use RippleNet network to make faster and cheaper cross-border transfers.
NBE Chairman Hisham Okasha said that access to RippleNet will allow his organization to open new payment channels in the Gulf region. The companies did not specify whether the On-Demand Liquidity solution based on XRP cryptocurrency will be involved in the cooperation..
According to the World Bank, Egypt is one of the five largest recipients of remittances in the world. In 2018, their amount reached $ 29 billion.
XRP dynamics this Wednesday is consistent with those of the broader cryptocurrency market – in the last 24 hours its rate has risen by 6%.
Last week, the international payments company International Money Express announced its intention to use the On-Demand Liquidity solution..
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