Ripple Broadens Remittances To Africa, Gulf States
Ripple, a cryptocurrency-based money transfer and payments network, is partnering with payments fintech Onafriq to expand remittance capabilities in Africa and across its borders with Gulf nations, the UK, and Australia.
The partnership will create three new blockchain-based payments corridors between Onafriq users in Africa and customers of PayAngel in the UK, Pyypl in the Gulf Cooperation Council (GCC), and Zazi Transfer in Australia.
Monica Long, president at Ripple, said that this will contribute to Ripple payments covering 90% of FX markets. Ripple has become a symbol of resistance within the crypto industry for standing up against the US Securities and Exchange Commission.
The price of XRP, the native cryptocurrency of Ripple’s XRP blockchain, has surged due to the approval of the token by the Dubai Financial Services Authority and Ripple’s involvement in a central bank digital currency project with the National Bank of Georgia.
(With inputs from Shikha Singh)
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