The National Bank of Egypt will in future cooperate with the blockchain company Ripple. To this end, it recently concluded a contract with the Californian company FinTech. Meanwhile, the Ripple share price (XRP) is rising.
In the future, the Ripple technology should help to optimize money transfer in Egypt. According to a local report, the National Bank of Egypt has signed a contract for cooperation with Ripple. As Super Kora reported on 12 February, the aim is to optimise cross-border payments.
According to Super Kora, the National Bank of Egypt is the first bank in the country to build on the advantages of block-chain technology. With the signing of the contract, the bank became a strategic partner of Ripples and is now a member of RippleNet.
The bank hopes that this step will enable it to expand by opening up new markets. By joining RippleNet, the SNB expects, above all, improved financial flows to other RippleNet partners, with a focus on other Gulf States, the United Kingdom, the USA and Canada. In order to rule out any possible safety deficiencies, appropriate tests had been carried out in the run-up to the signing.
RippleNet has over 300 customers
In November last year, RippleNet reached the 300 customer mark. The cross-border payment network already has several well-known members. According to Ripple, these include
- American Express
Ripple course (XRP) bullish
In the course of the cooperation announcement, the price of XRP, the crypto currency close to the ripple, was able to rise further. The XRP price has gained over 6 percent in the last 24 hours alone. In the past seven days, the price has even risen by 11.5 percent and is currently quoted at USD 0.31. Since the beginning of the year, the ripple coin has thus gained a full 63 percent in strength.
Entire crypto market on the rise
However, the XRP course is not alone in the bullish crypto corridor. The ether exchange rate (ETH) has also risen by 3 percent in the last 24 hours and is now quoted at 263 US dollars. The Litecoin rate (0.5 percent), Cardano rate (ADA, 5 percent) and the Stellar rate (XLM, 5 percent) also recorded gains in the last 24 hours. However, other crypto currencies such as Bitcoin, Bitcoin Cash, Bitcoin SV, Binance Coin, IOTA or Tezos have had to give in.