March 31, 2023

National Bank of Egypt Connected to RippleNet Payment Network

NBE - the largest bank in Egypt in terms of assets under management - according to local information Youm7 editions partnered with Ripple.

Thus, the NBE became one of the first bankscountries that intend to use blockchain technology in their operations. The financial institution plans to use the RippleNet network to make faster and cheaper international transactions.

According to NSE Chairman Hisham OkashiOkasha), a partnership with Ripple, will allow his organization to gain access to new payment channels in the Gulf region. Both sides of the transaction are not reported, the decision whether to use the On-Demand Liquidity, which is based on cryptocurrency XRP.

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.