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Ripple opens payment corridors between Africa and the world, more here

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Learn how the blockchain giant is creating cross-continental payment corridors and defying regulatory challenges.

Ripple SEC

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  • It aims to create three blockchain-based payment corridors between users in Africa, UK, the GCC, and Australia.
  • Optimism has been growing around Ripple since the partial win against the SEC.

Ripple [XRP] has partnered with payments fintech Onafriq to expand its remittance capabilities, reaching customers in Africa and several Gulf nations, the United Kingdom, and Australia.

This partnership aims to create three blockchain-based payment corridors.

The purpose is to facilitate transactions between Onafriq users in Africa and customers of PayAngel in the UK, Pyypl in the Gulf Cooperation Council (GCC), and Zazi Transfer in Australia.

Ripple unveiled this development at its annual conference in Dubai.

Monica Long, Ripple’s President, described Onafriq as a major payment player in Africa.

Onafriq boasts a vast reach of 400 million mobile wallets. The collaboration marked a significant milestone for Ripple. It enables its payment services to cover a remarkable 90% of the foreign exchange markets.

Optimism surrounding XRP grows stronger

The development comes as Ripple fights its prolonged legal battle with the Securities and Exchange Commission (SEC). The company also managed to secure partial victories in the face of the regulatory agency’s actions.

The crypto community saw this as a landmark move. Many exchanges such as Coinbase, Kraken, and Bitstamp re-listed the XRP coin. Judge Analisa Torres has set a deadline of 9th November for both parties to propose a joint briefing schedule.

Meanwhile, XRP experienced a surge of more than 20% in its price during the last 10 days. It was trading at $0.67 at press time, according to data from Tradingview.

This uptick was fueled by the Dubai Financial Services Authority’s approval of the token and Ripple’s involvement in a central bank digital currency (CBDC) project with the National Bank of Georgia (NBG).

Source: Tradingview

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Ann is a News Editor at AMBCrypto. After getting a Masters in International Relations, Ann worked at Reuters News for 4 years as a Breaking News correspondent. Ann uses her eye for attention to detail to focus on the regulatory and political developments associated with the crypto-space.
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