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Prominent (and pseudonymous) member of the Ripple community on the X platform (formerly known as Twitter), @Wkahneman, has published the news that fintech heavyweight Ripple Labs has onboarded another major customer, sharing a link to the 2024 Fintech Report, Egypt.
The report states that Commercial International Bank (CIP) based and operating in Egypt is now collaborating with Ripple to integrate its blockchain technology in order to “enhance the efficiency of cross-border payments.” @Wkahneman wondered whether the bank will also integrate the XRP token itself as part of its collaboration with Ripple.
Ripple takes on major customer in Egypt
In his Twitter thread, @Wkahneman notes that prior to onboarding Commerical International Bank (CIB) Egypt, the only Ripple user from Egypt that was confirmed was NBE (the National Bank of Egypt), in collaboration with the LuLu crypto exchange. This is Ripple’s partner based in the United Arab Emirates.
This exchange is part of LuLu Financial Holdings based in the same country, which also includes LuLu Money. LuLu collaborates with many local large banks and financial institutions to help them facilitate fast and low-cost transactional payments leveraging Ripple’s blockchain network RippleNet and the XRP token affiliated with Ripple.
Further in the thread, @Wkahneman named the other Ripple partners, which have headquarters in Egypt, but they operate outside that country – QNB, FAB and Attijariwafa. He concluded that these three are unlikely to be using XRP.
The XRP fan carefully hinted that it is likely that CIB is going to utilize XRP since its goal is to enhance cross-border payments.
Ripple acquires Standard Custody
As covered by U.Today earlier, Ripple blockchain decacorn recently announced the acquisition of Standard Custody, a regulated company that is focused on digital assets. This purchase matches Ripple’s strategy of complying with U.S. regulatory standards with a goal to improve its range of products in order to enter untapped markets.
This deal is going to help Ripple add one more license to the portfolio of licenses it has already, including the New York BitLicense and licenses that allow Ripple to transfer funds in more than 40 U.S. states.
The acquisition of Standard Custody will allow Ripple to support the growing need for blockchain and cryptocurrency solutions for financial institutions.
Vladislav Sopov
Gamza Khanzadaev
Denys Serhiichuk
