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Ripple Expands Operations into Middle East as Partner Bank Opens

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Wed, 03/23/2022 - 11:52
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Tomiwabold Olajide
Ripple expands operations into Middle East with RippleNet
Ripple Expands Operations into Middle East as Partner Bank Opens
Cover image via stock.adobe.com

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Ripple's partner bank, QNB, says it has successfully launched a corridor on Ripple's global financial network technology, RippleNet, between QNB Qatar and QNB Finansbank (Turkey), thus expanding Ripple's operations in the Middle East.

The bank says it has plans to expand further to key remittance corridors in the future. In October 2021, QNB launched a cross-border remittance service developed in partnership with Ripple.

Supported by the establishment of a regional HQ in Dubai in 2020, Ripple already has a significant presence in the Middle East and North Africa (MENA), which remains home to two of the top three remittance corridors in the world.

In the latter part of 2021, Ripple announced the launch of RippleNet's first-ever On-Demand Liquidity (ODL) deployment in the Middle East, together with Pyypl, an international blockchain-based financial services technology company in the Middle East and Africa.

Also, in the past year, Ripple announced its first-in-market ODL corridor in Japan, in partnership with SBI Remit, and acquired a 40% stake in Tranglo in Malaysia to expand the availability of its ODL service.

Cross-chain transfer of XRP and other assets now possible on XRPL

Multichain has announced it is supporting XRP Ledger (XRPL) for cross-chain connection with EVM and non-EVM compliant blockchains. Hundreds of thousands of DeFi users will be able to seamlessly move assets between XRP Ledger and other blockchains thanks to integration with XRP Ledger.

With Ripple's technical assistance, Multichain will facilitate the cross-chain transfer of XRP, the native digital asset of XRP Ledger. Furthermore, ETH, MATIC, AVAX, FTM, USDT, USDC, FRAX and other assets will be directly transferred to the XRP Ledger.

XRP Ledger is a decentralized blockchain that was launched in 2012 to make value transfer simple, efficient and low-cost.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.