NBE – the largest bank in Egypt in terms of assets under management – according to the local information publication Youm7 entered into a partnership with Ripple.
Thus, the NBE became one of the first banks in the country that intends to use blockchain technology in its operations. The financial institution plans to use the RippleNet network to make faster and cheaper international transactions.
According to NSE Chairman Hisham Okasha, the partnership with Ripple will allow his organization to gain access to new payment channels in the Gulf region. Both parties to the transaction did not report whether the On-Demand Liquidity solution, which is based on the XRP cryptocurrency, will be used.
According to the World Bank, in 2018, money transfers totaling $ 29 billion were received in Egypt. The country is among the five leaders in this indicator.
On the XRP course, this news will probably not be reflected. Asset pricing follows the movement of the entire market. Over the past day, it has grown by 10%.
Last week, International Money Express announced plans to use the On-Demand Liquidity solution.