Ripple’s XRP has been enjoying a good ride in the market despite the September 5 market crash scare. The market has not been friendly to the market leaders either and the last two days appears to have brought the market back to life as many coins continue to register gains.
However, Ripple has been making inroads in to the banking industry and has taken partnership leadership in the arena though not without facing increased competition from Stellar (XLM) and other upcoming coins. With the coin riding in the green trading territory, the community has one more reason to smile.
Ripple Brings Onboard Saudi Arabia National Commercial Bank
Ripple has announced that Saudi Arabia National Commercial Bank has joined RippleNet; a move that will see the coin’s grand entry into the Arabian market become a reality. The Middle East and Saudi Arabia has one of the highest global remittance uptakes and according to the announcement:
For the last ten years the Kingdom of Saudi Arabia has been one of the largest sources of remittances in the world. According to the World Bank, 308 million dollars were sent into the KSA, and 37 billion dollars in remittances were sent from the country in 2016.
RippleNet targets the more than 10million workers in the Saudi Arabian Kingdom. In addition the growing number of SMEs is a major boost as they contribute a huge payment percentage and this is the backbone of the Kingdom’s future growth economy. Traditionally the market has been serviced by local banking firms and the entry of RippleNet will expose them to the global market at reduced costs.
Ripple’s XRP Visibility and Usability Boost
The NC Bank is among the oldest in the country and serves over 5.4million clients locally and globally. The choice for RippleNet by the Saudi Arabia Monetary Authority (SAMA) is a huge boost for the platforms credibility and a good route to market for its products in the Middle East region.
The NCB will act as the regional hub that connects other financial institutions riding on the Ripple’s ecosystem in a bid to speed up transactions in a more transparent manner. This will also hasten the processing of cross-border transactions. Ripples statement:
“The bank will first connect to financial institutions in North America and Asia, starting in Singapore. Launching these two critical payments corridors out of the gate offers immediate value to NCB’s customers — services in regions that they have not had access to before.”
Middle East Increased Blockchain Adoption
With more cryptocurrencies getting their inroads in to the Middle East, RippleNet collaboration with NCB gives it a competitive edge over the rest given NCB has been serving the entire region since 1953 and its local and international network is highly stable. Ripple will take advantage of the more than 400 branches across the region. The bank is also the second largest in the region in terms of its asset portfolio and this is a hot spot for XRP adoption.
RippleNet will connect more local families and their relatives abroad using the NCB global brand and this is a huge benefit for the two outfits. The two will bring a new culture of efficiency, transparency and the end game will be to achieve business growth and stability.
Ripple’s XRP Current Price and Future
It is still early to celebrate the XRP Middle East entry but according to the statement the collaboration between RippleNet and NCB will go live by end 0f Q4 this year. This will be the best Christmas gift for the Ripple community and the Middle East Citizens.
At the time of reporting, Ripple XRP was trading in the green after marginal gains of 4.06% and 2.05% to the dollar and Bitcoin respectively to trade at $0.281244. The coin has been gaining momentum and the entry to new territories will see its value increase and 2019 could be a very promising year for XRP.