Wednesday, August 12, 2020
No menu items!
  • News
  • Blockchain
  • XRP News
  • Contact Us
More

    Ripple Signs Cooperation Agreement with National Bank of Egypt

    Must Read

    IOHK Kicks Off First Phase to Decentralized Governance of Cardano Network

    Cardano ecosystem has not halted its progress after the Shelley hard fork. According to a recent report, IOHK is...

    Vitalik Buterin: ETH 2.0 Is Taking a Long Time, but I’m Happy with the Progress of Launched Testnets

    Many non-Ethereum community members, especially the Bitcoin Maximalists, have seized the opportunity of the delay in the launch of...

    A New Digital Asset That Surged By 1,800% on Its Launch Day

    A new digital asset is presently attracting the attention of traders and investors in the crypto space after experiencing...
    Avatar
    Solomon Odunayo
    Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.




    According to the latest information, Ripple, the US-based blockchain tech has signed a cooperation agreement with the National Bank of Egypt, towards providing more effective channels in the field of inward remittances.

    This cooperation agreement will create a new communication channel to receive remittances from Egyptians abroad.

    Going by the report, this new development makes the National Bank of Egypt becomes the first bank in the country to use blockchain technology. The signing process was witnessed by a number of important personalities.

    The excitement that greeted this agreement seemingly implies that a dream is coming through. Ripple, the blockchain tech sees it as a big means to expand in the region, with the influence and reputation of the National Bank of Egypt.

    This is one of the most preferred and distinctive strategic partnerships for Ripple in Egypt, the Middle East, and North Africa.

    As soon as the signing was completed, Hisham Okasha, the Chairman of the National Bank of Egypt stated that the deal will add a new and important tributary for remittances using RippleNet, which is the first of its kinds among the banks in Egypt.

    Dalia El-Baz, the Vice Chairman of the Board also stated that the RippleNet network is being leveraged by over 300 banks and financial institutions across the world. Obviously, the recent agreement with the National Bank of Egypt is expected to increase the number of subscribers on the network exponentially.

    At the same time, the bank is also expected to greatly benefit from the liquidity to be provided by RippleNet, which will directly increase the National Bank’s foreign currency earnings.

    Ghada El-Bili, the National Banks’ Chief Executive of the Treasury also reiterated that the agreement is a reliable means to improve liquidity for the bank.

    The report also stated that the agreement will raise the possibility of linking lots of corresponding banks in other countries such as the United States, the United Kingdom, and Canada.

    In conclusion, according to the National Bank of Egypt, necessary tests have been carried out before signing the agreement with the blockchain tech Ripple.




    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    Latest News

    IOHK Kicks Off First Phase to Decentralized Governance of Cardano Network

    Cardano ecosystem has not halted its progress after the Shelley hard fork. According to a recent report, IOHK is...

    Vitalik Buterin: ETH 2.0 Is Taking a Long Time, but I’m Happy with the Progress of Launched Testnets

    Many non-Ethereum community members, especially the Bitcoin Maximalists, have seized the opportunity of the delay in the launch of ETH 2.0 to throw jibes...

    A New Digital Asset That Surged By 1,800% on Its Launch Day

    A new digital asset is presently attracting the attention of traders and investors in the crypto space after experiencing a 1,800% price increase on...

    How Flare Network and Spark Token FXRP Will Substantiate the Utility of XRP for Its Holders

    Many crypto community members have been voicing their opinions regarding the underway Flare Network’s native token that is proposed to come as a stablecoin,...

    Coinbase Users Can Now Use BTC, ETH, XRP to Pay For Goods Directly

    The integration of the merchant processor BitPay and Coinbase has given users of the top US-based cryptocurrency exchange the enablement to pay for goods...

    More Articles Like This