April 25, 2024

National Bank of Egypt will use blockchain to expedite money transfers

National Bank of Egypt will use blockchain to expedite money transfers

The National Bank of Egypt (NBE), the country's largest bank in terms of assets, has joined the Ripple payment network to increase the efficiency of payment transactions.

After the parties signed a cooperation agreement, the NBE became the first Egyptian bank to start using blockchain in its activities.

It is still unknown whether the National Bank will directly apply the RippleNet solution, which uses XRP cryptocurrency to process cash payments.

The issue of efficiency and speed of operations is important for Egypt,because, according to the World Bank, it is the fifth largest country in terms of incoming remittances. Last year alone, migrants sent $26.4 billion to their families.

The NBK was far from the first major bank,Join RippleNet Currently, the network serves more than 300 large financial institutions around the world. Collaboration will allow Egypt to simplify transactions with other correspondent banks.

The Ripple network is actively developing, and the company itself plans to hold an IPO within a year.

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