Ripple extends money transfers to more countries in Africa, the Gulf States, the UK, and Australia
Product upgrades and licensing revisions were also revealed during Ripple’s annual conference, with an emphasis on inter-enterprise and inter-sectoral payments.
Ripple, the cryptocurrency-based money transfer and payments network created in 2012, is partnering with payments startup Onafriq to extend remittance capabilities in Africa and beyond its borders with several Gulf states, the U.K. and Australia.
At Swell, Ripple’s annual conference, it was announced that three new blockchain-based payments corridors will open between users of Onafriq in Africa and customers of PayAngel in the United Kingdom, Pyypl in the Gulf Cooperation Council (GCC), and Zazi Transfer in Australia.
Monica Long, president at Ripple, stated, “Onafriq is a major payment player in Africa that serves 400 million mobile wallets. This is great news because it helps us get closer to our goal of having Ripple payments cover 90% of the FX markets.”
As a result of its fight against and partly victory over what is often viewed as a heavy-handed and reactive U.S. Securities and Exchange Commission (SEC), Ripple has become a symbol of resistance within the cryptocurrency sector.
The acceptance of the token by the Dubai Financial Services Authority and Ripple’s participation in a central bank digital currency (CBDC) initiative with the National Bank of Georgia (NBG) both contributed to an increase in the price of XRP, the native cryptocurrency of Ripple’s XRP network, this week.
Additionally, Ripple announced a number of product improvements and licensing revisions, with an emphasis on inter-enterprise and inter-business payments. Ripple has just filed for licenses in the United Kingdom and the European Union, adding to its already sizable collection of licenses, which includes money transmitter licenses in the United States and an institutional payments license in Singapore.