Ripple Expands Its Operations Across The Middle East

Ripple expands operations into Middle East with RippleNet

QNB, Ripple’s partner bank, has announced the successful opening of a corridor on RippleNet, Ripple’s global financial network technology, between QNB Qatar and QNB Finansbank (Turkey), expanding Ripple’s operations in the Middle East.

According to the bank, it intends to grow further into significant remittance corridors in the future. QNB will introduce a cross-border remittance service created in collaboration with Ripple in October 2021.

Ripple already has a major presence in the Middle East and North Africa (MENA), which is home to two of the world’s top three remittance corridors, thanks to the construction of a regional headquarters in Dubai in 2020.

Ripple announced the launch of RippleNet’s first-ever On-Demand Liquidity (ODL) deployment in the Middle East in late 2021, in collaboration with Pyypl, a multinational blockchain-based financial services technology firm in the Middle East and Africa.

In addition, Ripple launched its first-in-market ODL corridor in Japan, in collaboration with SBI Remit, and purchased a 40% share in Tranglo in Malaysia to enhance the availability of its ODL service.

Multichain has announced that it will enable XRP Ledger (XRPL) for cross-chain connectivity with both EVM and non-EVM compatible blockchains. Because of the connection with XRP Ledger, hundreds of thousands of DeFi users will be able to move assets smoothly between XRP Ledger and other blockchains.

Multichain will permit the cross-chain transfer of XRP, the native digital asset of XRP Ledger, with technical support from Ripple. Additionally, ETH, MATIC, AVAX, FTM, USDT, USDC, FRAX, and other assets will be moved straight to the XRP Ledger.

The XRP Ledger is a decentralized blockchain that was developed in 2012 with the goal of making asset transfer easy, efficient, and low-cost.

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