Ripple Expands Ripple Payments Network to 70 Markets
Ripple, a blockchain company, has recently expanded its Ripple Payments payment network to 70 markets. This expansion aims to optimize cross-border payments using blockchain technology and facilitate the transition to digital assets. Additionally, Ripple has partnered with fintech company Onafriq to establish new remittance corridors between Africa and the Gulf Cooperation Council, the UK, and Australia.
The collaboration with Onafriq leverages Ripple Payments technology to address common cross-border payment issues such as transfer delays and high costs, potentially enhancing the remittance process in Africa. Onafriq plans to utilize Ripple’s technology to connect its extensive mobile money network, encompassing over 500 million mobile wallets across Africa. This partnership will also contribute to making payments more efficient and less costly for the 27 countries on the Onafriq network.
Moreover, over the past week, Ripple’s cryptocurrency (XRP) has experienced gains, with an overall increase of nearly 10%. The coin’s value has remained within the $0.46 to $0.55 range since August.
Hot Take: Ripple’s Expansion and XRP Performance
Ripple’s expansion of its Ripple Payments network and strategic partnership with Onafriq demonstrate the company’s commitment to enhancing cross-border payments and digital asset adoption. This move not only addresses common challenges in remittance processes but also contributes to making payments more efficient and cost-effective for a vast network of mobile wallets across Africa. Furthermore, the recent gains in XRP’s value indicate positive market sentiment towards Ripple’s developments, showcasing potential growth opportunities for the cryptocurrency in the future.
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