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‘Blockchain technology can transform the MENA region’, says Ripple and Roel Wolfert

Akash Anand

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'Blockchain technology can transform the MENA region', says Ripple and Roel Wolfert
Source: Pixabay


The main focal point of a lot of cryptocurrency organizations is to cater to the vast majority of geographical regions across the globe. This mantra has been diligently followed by Ripple for its propagation of an efficient system for cross border transactions, again ratified by its recent share of a blog by Roel Wolfert, Managing Partner at VGrip titled “How Blockchain Will Help Banks Tap New Markets in MENA”.

The blog post’s release coincided with the recently concluded Ripple Regionals MENA, a conference where proponents in the South Asian and Middle Eastern regions spoke about the need for a revamp in terms of transfer technologies. In Wolfert’s blog, he stated:

“Cross-border cash transfers can eat up as much as 9 percent of the amount sent, which makes it as profitable for the service providers as it is a bad deal for customers. It’s no surprise that fintech companies are using blockchain technology, mobile devices, social network plug-ins and chat services to disrupt the existing remittances process.”

The Managing Partner talked about how Blockchain is disrupting traditional remittances and banks, citing the recently published report by Blockdata which stated that blockchain-based transactions are 127 times cheaper and 388 times faster traditional remittance methods. Wolfert further made his case for blockchain technology by adding:

“Cross-border cash transfers can eat up as much as 9 percent of the amount sent, which makes it as profitable for the service providers as it is a bad deal for customers. It’s no surprise that fintech companies are using blockchain technology, mobile devices, social network plug-ins and chat services to disrupt the existing remittances process.”

Ripple’s prowess in the cross-border transactions department was also recently covered in a Forbes article, which mentioned the Brad Garlinghouse-led company’s partnerships with financial mainstays like Banco Santander and PNC bank. The piece stated:

“PNC bank is using Ripple’s blockchain software to process international payments. Santander is already collecting revenue from One Pay FX, a blockchain-based foreign exchange service that is also built on Ripple technology.”





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