Ripple continues to expand its international remittance network in the Middle East . QNB (Qatar National Bank), a partner bank, informed us this week of the operational commissioning of a corridor on RippleNet. This links QNB in Qatar to QNB Finansbank, its subsidiary in Turkey. This new corridor allows Ripple to expand a little further in the Middle East.
- Strategic partnership between Ripple and Qatar
- RippleNet, the true future of payment
- Ripple XRP, a global conquest
The Fruits Of A Strategic Partnership With QNB, The Qatari Bank
In October 2021, we learned that QNB became a partner of fintech Ripple XRP . This partnership aimed to develop a new innovative cross-border money transfer service on RippleNet. QNB communicated at the time on the secure, instantaneous nature of financial transactions thanks to blockchain technology. It insisted on the absence of fees such as chargebacks regardless of the size of the transaction.
Five months later, the strategic partnership of Ripple and QNB has borne its first fruits. The new service announced in October 2021 operates between Qatar and Turkey. And the Qatari bank already has plans for expansion. Other corridors are being created on strategic lines of fund transfers.
Since setting up a regional headquarters in Dubai in 2020, Ripple has continued to expand its deployment in the region. The Middle East has the advantage of having a regulatory environment that is more open to the use of blockchains and cryptocurrencies. The company is less exposed there than in the United States, to legal risks. In addition, the volumes of fund transfers are significant, and the transfer channels widely diversified.
Ripple has initiated a collaboration in the region with Pyypl, an international blockchain-based financial services technology company in the Middle East and Africa
RippleNet Network Interoperability: XRP Ledger Supported By Multlchain
XRP, XRP Ledger, Ripple and RippleNet? A clarification always seems necessary when talking about Ripple. Let's give the floor on the subject to David Schwartz , co-founder interviewed in April 2019. “Ripple is a company, and even a private network (RippleNet). XRP Ledger is an open source decentralized blockchain, of which XRP is the native cryptocurrency. »
We will add to complete the explanation that the RippleNet platform is built on XRP Ledger. XRP is the cryptocurrency that facilitates transactions on this platform. The system performs input and output conversions. This makes it possible to transform funds regardless of the currency used, into a transferable currency on the blockchain . The principle is called ODL (On Demand Liquidity).
The news is that MultiChain now supports the XRP Ledger blockchain. It is a cross-chain routing protocol (cross-chain bridge) that allows transactions to be carried out between different blockchains. Interoperability between them is a key issue. That Multichain integrates XRP Ledger presents a major asset for the future of RippleNet.
So XRP is now transferable from its native blockchain to other blockchains. Conversely, ETH, MATIC, AVAX, FTM, USDT, USDC, FRAX can be transferred to XRP Ledger. Other assets will be gradually supported.
Ripple's Stated Global Ambitions
This interoperability should further boost the adoption of RippleNet in the international market. "Transfer money to all corners of the world," reads the finctech's homepage. Ripple aims for the world, no more no less! And it looks like the company is on the right track.
In 2020, it ranked 123rd in America's Top 5,000 Fastest Growing Companies. She was able to convince both private and institutional partners. Indeed, its RippleNet platform built on XRP Ledger, does not use “Proof of Work”. Fintech thus stays away from the controversies linked to excessive energy expenditure for the operation of blockchains. However, this did not save him from legal disputes with the SEC (Security and Exchange Commission) since the end of December 2021.
In 2022, and having continued against all odds to integrate partners, Ripple now has 160 partners. These are payment and liquidity providers, and banks – including around 60 national banks and eight central banks. These central banks are those of the United States, the United Kingdom, Thailand, Indonesia, Singapore, India, and Saudi Arabia. In addition, since February 2022, the European Central Bank has requested Ripple's support for the creation of the digital euro.
Remarkably, SWIFT is one of its partners, although Ripple has never hidden its ultimate ambition. The company aims to make RippleNet the reference network for international monetary exchanges replacing SWIFT. And on the way to winning its standoff with the SEC, Ripple and its expansion seem unstoppable.
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