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Ripple News: Ripple Expands Remittance Services

Ripple Expands Remittance Services Linking Africa, Gulf States, UK, and Australia

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552 Listen to this article Dubai, November 8, 2023 – Ripple, the pioneer in cryptocurrency-based money transfer and payment solutions, […]

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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.

Read Also: Crypto can Save Africa from Corruption and Inflation Says the CEO of Africa’s Largest Crypto Exchange

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.

Read Also:  China's Economic Slowdown: Analyzing the Potential Ripple Effect on Global Markets

Read Also: High Proliferation of Crypto Scams in Africa Linked to Limited Educated Efforts, Warms Nitroplus Labs Founder

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.

Read Also: Kenyan Government Establishes Committee to Investigate Worldcoin Cryptocurrency Project

Conclusion

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.

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