Ripple is on its way to establish big network of cross-borders payment network based on the blockchain technology as it has partnered with more than 300 banks across the world. Now, the National Bank of Egypt has officially partnered with Ripple to boost the remittance service in the country. XRP is surged by almost 12% in the past 24 hours.
According to local news media outlet, Youm7, National Bank of Egypt is the first bank ever to adopt the blockchain technology exploiting the remittance services of Ripple- the US-based blockchain firm. The partnership is appreciated at wider level as blockchain is also making its position in the country.
Ripple will Assist Bank in Remittance Services
The international remittance capital is growing at a very rapid speed due to the increasing globalization as it will touch the figure of $597 billion per the report of the World Bank. This is due the immigrants and the ones who go abroad for work: send money to their family back.
Egypt is in the list of top countries with respect to higher remittance receiver as the total value transacted via remittance is $26.4 billion in 2019. Other countries include China, India, Mexico, and the Philippines.
The giant bank of Egypt wanted the access to gulf countries by deploying the very secure and instant payment framework. This goal has led the bank to partner with the Ripple- that is working on the cross-borders payments across the world.
At the time of ceremony, the Chairperson of the National Bank of Egypt Dalia El-Baz and the vice president of sales at Ripple Mark Johnson were present, joining with the other officials of both companies. Dalia El-Baz expects from Ripple to boost up the international remittance network along with assistance in getting the institution’s liquidity.
Still, Ripple has not unveiled anything about the recent partnership but the local news media of Egypt confirmed it as the pics at the ceremony were also shared. The report has also not specified that whether the bank will use the company token or only use the blockchain technology behind Ripple.
XRP is Surging
XRP coin has been surged by nearly 12% per Coin Market Cap and is currently, trading at $0.33. As the whole altcoins market is pumping upward, XRP token is also moving high following the big market trend. The partnership with giant bank of Egypt is also a factor in pumping the coin price value up.