Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
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.
New #Ripple partner QNB (Oct 4) mentions the Ripple partnership and the new corridor opened between QNB Qatar and QNB Finansbank (Turkey)https://t.co/akCsmTauQJ pic.twitter.com/yhD3qOfu2k
— WrathofKahneman (@WKahneman) March 23, 2022
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.
Thrilled to announce that we've integrated with XRP Ledger? This integration opens the door for cross-chain interoperability between XRPL and other blockchains.
— Multichain (Previously Anyswap) (@MultichainOrg) March 22, 2022
Native asset $XRP has been supported already, and more will be added soon.
Read? https://t.co/2tHjZigLA4 pic.twitter.com/EUM7laTDRA
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.
Arman Shirinyan
Alex Dovbnya
Dan Burgin
U.Today Editorial Team
Vladislav Sopov