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Ripple Expands its reach in Middle East as Partner Bank Opens

Ripple Expands its reach in Middle East as Partner Bank Opens 20

Ripple’s Global Financial Network RippleNet has successfully launched a corridor between Ripple’s partner banks QNB Qatar, and QNB Finansbank (Turkey), thus expanding Ripple’s operations in the Middle East.

QNB launched the cross-border remittance service, a joint venture with Ripple in October 2021, and the bank said that it further plans to expand the core payment system in the future.

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Ripple already has a significant presence in the Middle East and North Africa (MENA), supporting the establishment of a regional headquarters in Dubai since 2020, which already houses two of the world’s top three payment corridors.

Ripple has announced the launch of RippleNet’s first on-demand liquidity (ODL) expansion in the Middle East at the end of 2021, in partnership with Pyypl, an international blockchain-based financial services technology company based in the Middle East and Africa.

Last year, Ripple announced Japan’s first ODL Corridor in partnership with SBI Remit and acquired a 40% stake in Tranglo in Malaysia to expand ODL service availability.

Reportedly Multichain has announced its support for XRP Ledger (XRPL) with a cross-chain connection with Multichain EVM and non-EVM compliant blockchains. This integration with XRP Ledger seemingly allows millions of DeFi users to move assets seamlessly between XRP Ledger and other blockchains.

Currently with the technical assistance of Ripple, Multichain facilitates the cross-chain transfer of XRP, the native digital asset of the XRP ledger. Even more now other assets like ETH, MATIC, AVAX, FTM, USDT, USDC, FRAX, are transferred directly to the XRP ledger.

XRP Ledger is a decentralized blockchain launched in 2012 to make value transfer simpler, more efficient, and less expensive at the same time.

Read also: Ethereum classic (ETC) gains 82% due to the Inflow of miners

Ripple Expands its reach in Middle East as Partner Bank Opens


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