Key Highlights
- Ripple’s collaboration with Onafriq brings seamless cross-border remittance services to Africa. Connecting users in the continent with the UK, Australia, and the Gulf States through new blockchain-based payment corridors.
- XRP experiences a surge in value following approval by the Dubai Financial Services Authority. While Ripple engages in a central bank digital currency project with the National Bank of Georgia. Underscoring its role as a bridge for efficient cross-border payments.
- Ripple’s expansion isn’t limited to partnerships; the company announces multiple product enhancements and licenses, allowing it to serve a broader market. Including enterprises and SMEs, transforming the landscape of cross-border transactions and bolstering its standing in the cryptocurrency and blockchain realm.
In a significant move to enhance its cross-border payment capabilities, Ripple, the cryptocurrency-based money transfer and payments network established in 2012. Has joined forces with payments fintech Onafriq. Together, they aim to expand remittance services in Africa. While establishing new connections with Gulf nations, the United Kingdom, and Australia.
New Payment Corridors
Ripple and Onafriq are set to introduce three blockchain-based payment corridors. These corridors will facilitate seamless transactions between Onafriq users in Africa and customers of PayAngel in the UK, Pyypl in the Gulf Cooperation Council (GCC), and Zazi Transfer in Australia. The official announcement was made during Ripple’s annual conference, Swell, held in Dubai.
Monica Long, the President at Ripple, emphasized the significance of this collaboration: “Onafriq is a major payment player in Africa that serves 400 million mobile wallets. We are excited about this because it also contributes to Ripple payments being able to cover 90% of FX markets.”
Ripple’s Industry Resilience
Ripple has become a symbol of resilience within the crypto industry. It has taken a bold stand against the U.S. Securities and Exchange Commission (SEC) and has, to some extent, prevailed. This has garnered support from those who believe that the SEC’s approach has been heavy-handed and reactionary.
The price of XRP experienced a surge this week, driven by the Dubai Financial Services Authority’s approval of the token. Additionally, Ripple is actively involved in a central bank digital currency (CBDC) project in collaboration with the National Bank of Georgia (NBG). XRP, an open-source project utilized by Ripple. Acts as a bridge between two fiat currencies, streamlining cross-border payments and making them more efficient.
Enhancements and Licensing Updates
Ripple also unveiled several product enhancements and licensing updates. Notably, the company has been steadily amassing licenses, including money transmitter licenses in the U.S. and an institutional payments license in Singapore, with recent filings in the UK and EU.
Monica Long elaborated on the significance of these licenses: “Our set of licenses means we can serve a bigger market. Previously, we only served licensed financial institutions, and now we’re able to serve enterprises and SMEs. For example, this empowers importer/exporters to pay suppliers overseas or remunerate freelance developers in different parts of the world.”
Conclusion
Ripple’s collaboration with Onafriq and its initiatives to broaden remittance services mark a significant step toward more accessible and efficient cross-border payments. These developments, combined with XRP’s recent successes, further solidify Ripple’s position as a key player in the cryptocurrency and blockchain landscape.
In summary, Ripple’s continuous dedication to innovation and expansion continues to shape the financial technology landscape, and this partnership holds the promise of reshaping the remittance industry across multiple regions. Stay tuned for further updates as Ripple forges new connections and revolutionizes cross-border transactions.
Disclaimer
The information provided in this article is for informational purposes only and should not be considered financial advice. The article does not offer sufficient information to make investment decisions, nor does it constitute an offer, recommendation, or solicitation to buy or sell any financial instrument. The content is the opinion of the author and does not reflect any view or suggestion or any kind of advice from CryptoNewsBytes.com. The author declares he does not hold any of the above-mentioned tokens or receive any incentive from any company.
