Ripple (CCC:XRP-USD) signed a new bank partnership with the National Bank of Egypt and we have all the details investors need to know about.
Starting off, this agreement is for a remittance corridor with the United Arab Emirates (UAE). This will have it working with LuLu International Exchange to provide services to Egyptians working in the UAE.
The advantage of signing on with Ripple is that it will offer cheaper and faster payments for users. It’s also worth pointing out that the remittance market in Egypt is huge. The country received $24 billion in 2020.
Hesham Elsafty, the Head of Financial Institutions and International Financial Services at the National Bank of Egypt, said this about the news in a statement collected from Coindesk.
Given the important role remittances play in the Egyptian economy, the National Bank of Egypt is continuously aiming to develop and enhance the infrastructure which pertains to this line of business.”
It’s worth pointing out that this agreement doesn’t mean XRP is going to start seeing additional use. There’s no comment from the National Bank of Egypt or LuLu International Exchange about plans to make use of the cryptocurrency.
Another thing to note about Ripple is that it’s still in a lawsuit with the U.S. Securities and Exchange Commission. However, it looks like that could come to a close soon with one lawyer expecting a settlement in the next couple of weeks.
The price of XRP is taking a beating on Wednesday but it has nothing to do with this news. XRP is down 26.5% over a 24-hour period alongside other crashing cryptos. However, it’s still up 399.7% since the start of the year.
Investors that are curious about today’s crypto crash are in luck.
InvestorPlace.com is closely covering the crypto crash. That includes how it’s affecting certain cryptos, what’s behind the crash to begin with, as well as a look at how social media investors are handling the news. You can learn all about those topics and more at the following links.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.