The oldest and most important bank in Egypt, National Bank of Egypt, will use the blockchain payment network RippleNet developed by the American firm Ripple.
According to local newspaper Youm7, the National Bank of Egypt (NBE) signed a partnership with the blockchain specialist Ripple. Following this agreement, the Egyptian financial institution will join the network RippleNet, already supported by a number of banks and financial services companies.
The National Bank of Egypt wish to take advantage of the interbank payment network of Ripple to facilitate cross-border payments. However, the bank did not specify whether it would use the option On Demand Liquidity (ODL) RippleNet using the token XRP from the Californian company.
Recently, Brad Garlinghouse, the CEO of Ripple, suggested that his company could make a IPO over the next 12 months.
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