Dubai’s Lulu Exchange and National Bank of Egypt Connect through RippleNet

Ripple, a San Francisco-based Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term company, yesterday announced that the National Bank of Egypt (NBE) and Lulu International Exchange, a Dubai-based financial services firm, have partnered through Ripple’s global payments network (RippleNet).

According to the official announcement, Lulu Exchange and NBE have collaborated for the smooth execution of cross-border Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term from the United Arab Emirates (UAE) to Egypt. Both companies are planning to make cross-border remittance experience cheaper, quicker and reliable through RippleNet.

Egypt is one of the largest receivers of global remittances. The North African country received more than $24 billion in remittances during 2020. Egypt ranked among the top global remittance receivers in 2020 along with India, Mexico, China and the Philippines.

Commenting on the latest announcement, Navin Gupta, Managing Director of South Asia and MENA at Ripple, said: “The ability to send and receive money quickly, reliably and inexpensively today plays a larger role than ever before. Ripple is proud to partner with NBE and LuLu Exchange to bolster the MENA region’s financial infrastructure and provide a frictionless cross-border payments experience for the Egyptian community.”

In March 2021, Ripple acquired a 40% stake in Tranglo, one of Asia’s leading cross-border payment firms.

Ripple’s Technology

Ripple has accelerated its global partnerships since the start of this year. RippleNet is using blockchain technology to facilitate partners worldwide. Additionally, the company reported a significant surge in demand for XRP Ledger (XRPL). During the first quarter of 2021, Ripple’s XRP sales jumped by nearly 100%.

“Our partnership with Ripple and NBE reaffirms our commitment to enhancing the payments ecosystem of the MENA (the Middle East and North African) region through meaningful collaboration and suitable adoption of technology. By unlocking the full potential of the UAE-Egypt corridor, the partnership will help deliver a reliable, seamless and accessible cross-border payments solution for the Egyptian community and businesses in the UAE,” Adeeb Ahamed, Managing Director of LuLu Financial Group mentioned in the official announcement.

Ripple reported a record number of new RippleNet customers in 2020.