Table of contents
Dubai, November 8, 2023 – Ripple, the pioneer in cryptocurrency-based money transfer and payment solutions, unveiled ambitious plans for the expansion of its remittance services network at the Swell conference held in Dubai.
Expanding Remittance Capabilities in Africa and Beyond
In partnership with payments fintech company Onafriq, Ripple is set to create new blockchain-based payments corridors connecting Africa to various international destinations, including the United Kingdom, Gulf Cooperation Council (GCC) countries, and Australia.
Empowering African Mobile Wallet Users
The collaboration aims to empower Onafriq users in Africa, particularly the 400 million mobile wallet users the company serves, by facilitating seamless remittance transactions. As Monica Long, President at Ripple, stated, “Onafriq is a major payment player in Africa that serves 400 million mobile wallets. We are excited about this because it also contributes to Ripple payments being able to cover 90% of FX markets.
Ripple’s Resilience in the Crypto Industry
This strategic move by Ripple to enhance remittance capabilities within the African continent aligns with the company’s mission to provide affordable and efficient cross-border payment solutions to underbanked and underserved regions.
Ripple’s progress in the cryptocurrency industry has not gone unnoticed, as it has continuously challenged regulatory obstacles, including its ongoing legal battle with the U.S. Securities and Exchange Commission (SEC). Ripple has persevered against regulatory pressures, gaining recognition as a resilient participant within the crypto sphere.
Rising Value of XRP
Additionally, XRP, Ripple’s native cryptocurrency, experienced a significant price surge after receiving approval from the Dubai Financial Services Authority. This endorsement, coupled with Ripple’s involvement in a central bank digital currency (CBDC) project with the National Bank of Georgia (NBG), has boosted the value of XRP.
Enhancements and Expanding Licensing Portfolio
Furthermore, Ripple announced a series of product enhancements and license updates at the conference. The company has been expanding its licensing portfolio, acquiring money transmitter licenses in the United States and an institutional payments license in Singapore. Recent filings in the United Kingdom and the European Union indicate Ripple’s commitment to servicing a wider market, which now includes not only licensed financial institutions but also enterprises and small to medium-sized businesses (SMEs). This expansion enables Ripple to offer its services to a broader range of clients, including importer/exporters and companies making international payments to suppliers and freelancers located around the world.
Ripple’s ambitious plans and developments highlight its commitment to revolutionize the world of cross-border payments and remittances, bridging the gap between various regions and contributing to the growth of the global financial ecosystem.
Top Recommended Articles
- Read Also: Best Web3 Coins To Invest In
- Read Also: Best Low Cap Crypto To Buy Now
- Read Also: Best Crypto Utility Tokens
- Read Also: Best Crypto To Buy Right Now Reddit
- Read Also: Best Crypto Under $1
- Read Also: Best Penny Crypto Coins To Invest In
- Read Also: Best Shitcoins To Buy Right Now
- Read Also: Best Crypto Presale To Buy Now
- Read Also: Best Low Supply Cryptocurrency
- Read Also: Best DeFi Coins To Buy Now
- Read Also: Best Altcoins To Invest In Right Now
- Read Also: Best Crypto ICO To Invest In
- Read Also: Next Crypto To Explode In 2023
- Read Also: Best Cryptocurrency Coins To Buy
- Read Also: New Cryptocurrencies To Invest In