Ripple, the blockchain company that developed XRP cryptocurrency revealed a collaboration with the National Bank of Egypt.
As stated in a paper published on May 18, the cooperation between Ripple, NBE, and the remittance firm based in the United Arab Emirates, LuLu Exchange aims to deliver international transactions from the UAE to Egypt. This move plays a great role as Egypt is among the top 5 countries that receive payments from people working abroad.
NBE executive Hesham Elsafty said that the establishment's cooperation with Ripple will upgrade performance in general, build new partnerships and save cost and time resources.The MENA (the Middle East and North Africa) has been a major business place for Ripple. After the news that the SEC might initiate a lawsuit against the company, Ripple started to consider leaving the US. Already in November, it founded a local headquarters in Dubai.
Currently, XRP trades at around $1.40. It has a market cap of over $49.2 B.