Ripple partners with the largest bank in Egypt to process cross – border payments

The blockchain company Ripple, the owner of the cryptocurrency XRP, continues to develop its activities outside the U.S. border, although it still has to settle the lawsuit filed against it in 2020 by the U.S. Securities and Exchange Commission (SEC), for its acronym in English). Ripple now joins Egypt’s largest bank for cross – border payments.

The information was widespread three statements prepared by the California – based firm this Tuesday, May 18, 2021, indicating that it is involved in the National Bank of Egypt (NBE), the largest financial institution in a North African country.

The press release, through this alliance, explains, NBE leverages Ripple blockchain technology to create payment pathway with United Arab Emirates (UAE). Financial services firm LuLu International Exchange will join this initiative, to cater for the large number of Egyptians working in the Middle Eastern nation.

The document states that a large diaspora is employed abroad in the Gulf states – including the United Arab Emirates – Egypt received $ 24 billion in remittances in 2020 alonemaking it one of the top five recipient recipients in the world after India, China, Mexico and the Philippines, Ripple said, citing third party data.

However, the fundamental friction in today ‘s global payments infrastructure makes cross – border payments costly and time – consuming. Through this partnership, NBE and LuLu Exchange seek to increase the cross – border payment experience to Egypt to make payments cheaper, faster and more reliableRipple said.

In this regard, Hesham Elsafty, Group Head of Financial Institutions and International Financial Services at NBE, said:

Egypt is among the top five countries in the world in terms of remittances received from its emigrant communities. Given the important role of remittances in the Egyptian economy, the National Bank of Egypt is constantly striving to develop and improve the infrastructure of this business.

For his part, Adeeb Ahamed, CEO of LuLu Financial Group, said: “Our partnership with Ripple and NBE reaffirms our commitment to enhancing the payment ecosystem of the Mena region (Middle East and North Africa) through meaningful and correct collaborative adoption of technology. .

Associated companies do not talk about it XRP, – developed by Ripple to move liquidity- know that they will use the RippleNet platform to process payments, for which this cryptocurrency is a native token. This allows the continued use of XRP in jurisdictions outside the US.

At the time of writing this note precio of XRP than USD 1.19 with a market traded volume of more than USD 20 billion.

Despite the demand, Ripple remains active outside the United States

In recent statements, Ripple CEO Brad Garlinghosue spoke about the current state of the company, amid the legal dispute in which the firm is drowning against the SEC. the executive considers that the company could have a future, even without its XRP cryptocurrency.

Ripple not only developed the aforementioned partnerships, but also contract recently to the former US Treasurer Rosa “Rosie” Gumataotao Rios.

It is worth remembering that the SEC present Late last year legal action was taken against the company and its co – founders, Christian Larsen and Bradley Garlinghouse, on charges XRP sales amounted to a $ 1.3 billion unregistered security offer.

The SEC considers that asset to be a security (securitynot registered and Ripple, for its part, argues that it is a “virtual currency”.

After a series of minor court victories, Ripple present a letter to dismiss the law against you. Although recently, the SEC to oppose with the offer of XRP owners to enter the lawsuit against the company.