XRP’s market capitalization has increased by over $2 billion following Ripple’s expansion of its global payments network into three new corridors. The San Francisco-based firm has partnered with payments fintech company Onfariq to open routes connecting Africa, the UK, Australia, and Gulf Cooperation Council (GCC) countries. This partnership aims to eliminate traditional problems associated with cross-border payments, such as lengthy transfer times, unreliability, and excessive costs. Customers of PayAngel in the UK, Pyppl in the GCC nations, and Zazi Transfer in Australia will be able to make speedy and cost-effective remittance and business payments to recipients in 27 countries across Onfariq’s pan-African network. This move represents a bold step for Onfariq’s crypto strategy to leverage blockchain technologies and enable fast, secure, and low-cost remittances between Africa and the rest of the world. Ripple’s President, Monica Long, explained that their new payment iteration allows customers to tap into crypto utility without needing expertise in using the technology. Ripple’s ongoing growth and resilience are highlighted by this expansion, as well as recent legal victories and the acquisition of major payment licenses in Singapore and multiple U.S. jurisdictions.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Africa |
| Countries | 🇦🇺 🇶🇦 🇸🇬 🇺🇸 |
| Sentiment | positive |
| Relevance Score | 1 |
| People | Chris Larsen, Monica Long, Dare Okoudjou, Brad Garlinghouse |
| Companies | Pyppl, Zazi Transfer, PayAngel, Onfariq, Ripple |
| Currencies | XRP |
| Securities | None |
