Ripple Partners with Commercial International Bank in Egypt
Commercial International Bank (CIB), one of Egypt’s largest banks, has joined forces with Ripple to implement blockchain technology for cross-border payments. Additionally, CIB has entered the non-fungible token (NFT) space, allowing customers to create unique collectibles. This move aligns with the Egyptian government’s exploration of blockchain’s potential across various sectors. The collaboration with Ripple marks the second partnership between a major local financial institution and the American company, following the National Bank of Egypt’s announcement in 2021. Ripple has been expanding globally due to regulatory uncertainties in the US and ongoing legal challenges.
Ripple’s Support for Central Bank Digital Currencies (CBDCs)
Ripple has also been involved in supporting countries’ efforts to launch central bank digital currencies (CBDCs). In 2021, Ripple collaborated with Bhutan’s central bank to create a digital version of its currency, ngultrum. Bhutan is known as the only carbon-negative country globally, and Ripple’s CBDC solution aligns with its commitment to sustainability. The company’s partnership with the National Bank of Georgia aims to drive transformative progress in the country’s public sector through a CBDC project.
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