Ripple has announced that the National Commercial Bank (NCB) has joined RippleNet. NCB is known to be the first bank of Saudi Arabia, as well as the largest financial institution of the Middle East. Through this partnership, Ripple seeks to make a big entry in the Middle East.
Despite the poor market conditions of the past few months, Ripple’s XRP has been performing well in the crypto space. This can be attributed to its regular collaboration and partnerships with a number of banks and firms.
Recently, Ripple announced that the National Commercial Bank (NCB) of Saudi Arabia has joined RippleNet. Crypto experts have been anticipating this move by Saudi Arabia’s Commercial Bank and are hoping that this grand entry of Ripple into the country will change their economic system.
Over the past decade, the Kingdom of Saudia Arabia has been one of the largest sources of remittances worldwide. According to the World Bank, in 2016 approximately $308 million was sent into the KSA, while $37 billion in remittances were sent from the country.
As per the report, RippleNet would serve as a medium for connecting with other financial institutions across the globe to NCB. Currently, RippleNet has a global customer base of more than 5.4 million. With the help of RippleNet, NCB will be able to offer faster and more transparent international payment services to all of its associated clients.
This payment gateway will be implemented using Ripple’s blockchain technology and will help the bank to connect with financial institutions in North America and Asia in the initial phase, and later spreading worldwide.
What to Expect
Ripple is expecting more banks from the Kingdom of Saudi Arabia and the Middle East to connect with RippleNet as this would be beneficial for the customers, clients, and also to the economy of the country. More efficient and transparent remittances offered by this platform will ensure a stable network to the SMEs and corporations who depend directly on NCB.
With this partnership, NCB would enjoy the efficiency and cost-effectiveness of RippleNet, while Ripple would gain entree into the massive market potential of KSA’s banking and finance sectors. Ripple would be able to uphold its market value because of this collaboration. In addition, Ripple would not only see growth in the Middle East, but rapid growth in the global crypto market is also ensured.
What are your thoughts on Ripple’s latest partnership? How will it affect the XRP market? Let us know in the comments below.
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