Ripple Expands Operations into the Middle East with the Opening of a Partner Bank
QNB, Ripple’s partner bank, announced the successful opening of a corridor between QNB Qatar and QNB Finansbank (Turkey) using Ripple’s global financial network technology, RippleNet, therefore extending Ripple’s Middle East activities.
The bank states that it intends to grow further in the future to significant remittance routes. QNB will offer a cross-border remittance service in October 2021 in collaboration with Ripple.
Ripple already has a major presence in the Middle East and North Africa (MENA), which is home to two of the world’s top three remittance corridors.
Ripple announced the launch of RippleNet’s first-ever On-Demand Liquidity (ODL) deployment in the Middle East in late 2021, in collaboration with Pyypl, a multinational blockchain-based financial services technology business located in the Middle East and Africa.
Additionally, Ripple launched a first-in-market ODL corridor in Japan last year in collaboration with SBI Remit, and bought a 40% share in Tranglo in Malaysia to enhance the availability of its ODL service.
On XRPL, cross-chain transfers of XRP and other assets are now available
Multichain has announced that it will enable XRP Ledger (XRPL) enabling interoperability with EVM and non-EVM compatible blockchains. Due to the connection with XRP Ledger, hundreds of thousands of DeFi users will be able to transfer assets smoothly between XRP Ledger and other blockchains.
Multichain will simplify the cross-chain transfer of XRP, the native digital asset of XRP Ledger, with the support of Ripple. Additionally, ETH, MATIC, AVAX, FTM, USDT, USDC, and FRAX, among other assets, will be moved straight to the XRP Ledger.
XRP Ledger is a decentralised blockchain that was developed in 2012 with the goal of simplifying, accelerating, and lowering the cost of asset transfer.