Ripple (CCC:XRP-USD) signed a new bank joint venture with the National Bank of Egypt and we have all the facts investors have to to know about.
Starting off, this concord is for a remittance corridor with the United Arab Emirates (UAE). This will have it working with LuLu International Exchange to offer services to Egyptians working in the UAE.
The benefit of signing on with Ripple is that it will present cheaper and faster payments for customers. It’s also value pointing out that the remittance market in Egypt is enormous. 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 information in a statement composed from Coindesk.
It’s worth pointing out that this agreement doesn’t mean XRP is going to begin seeing extra use. There’s no statement 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 proceedings with the U.S. Securities and Exchange Commission. However, it looks like that could come to a close soon with one lawyer expecting an agreement 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.