A new partnership between Ripple and a large Egyptian bank

Ripple has successfully concluded a partnership agreement with the National Bank of Egypt (National Bank of Egytp or NBE).

The NBE is considered the largest Egyptian bank today and is officially the first institution of this type in the country to accept and explore the blockchain technology. The bank succeeded in doing so by becoming a member of the RippleNet network. All members of the network can perform instant cross-border payments and affordable.

An important partnership

According to Ms. El-Baz, this partnership has notably enabled the NBE to improve its foreign currency earnings and better manage its liquidity.

Ripple has also taken a very important strategic step in terms of partnerships, as Egypt is currently considered the fifth largest remittance market in the world. The total value of transactions in this country is expected to be around $ 20.5 billion, as Ken Research reports. This alone proves that Ripple is on track to achieve its end goal – to facilitate cross-border payments.

But this is not the only good news for Egypt. One of Ripple’s biggest partners, MoneyGram, recently started operating in this North African country as well. MoneyGram signed an agreement with the bank Suez Canal Bank, and one of the main deals is that the bank’s customers will be able to receive money directly into their accounts.

It goes without saying that both parties were very optimistic, as the agreement was created to provide a win-win solution for both the National Bank of Egypt and Ripple.

Impact on XRP

As a cryptocurrency, XRP is a very important player in the sector. Let's take a quick look at the current situation. If you want to know more about how this cryptocurrency works, we advise you to consult some of our articles on the subject.

For now, the XRP is in third place in terms of market capitalization total. Currently, Bitcoin's market capitalization is $ 176.78 billion, while Ethereum's market capitalization is $ 29.03 billion. Regardless of its success, the market capitalization of the XRP is around $ 12.40 billion.

As the supply of XRP in circulation exceeds $ 43 billion, the price of each unit is quite low and can be obtained for $ 0.283 at the time of writing. However, according to CoinMarketCap, the volume of trade is still very high.

Ripple’s strategy to promote XRP adoption is certainly paying off. Indeed, although it is still far behind bitcoin in terms of mass adoption, it receives many positive returns and sees its popularity continue to grow.

Ripple and XRP are on the right track

It is very difficult to make predictions when it comes to the world of cryptocurrencies. Cryptocurrencies are volatile – their prices change almost every second, and XRP (although much more stable than other tokens) is no exception. It is located in the same area of ​​instability as Bitcoin, Bitcoin Cash, Ethereum and other popular cryptocurrencies.

With the creation of XRPL Labs, the investment of Xpring and the implementation of many means, there is no doubt that promoting the adoption of XRP is the right way. Ripple is increasing partnerships with major banks and institutions around the world. A major advantage for his project to completely revolutionize the system of cross-border transactions. A bright future therefore seems to await Ripple.