The National Bank of Egypt (NBE), the country's oldest and largest bank, has joined the Ripple payment blockchain network, iHodl Russia has learned.
The NBE has become the first financial institution in Egypt to decide to use blockchain in its operations.
The bank intends to use the RippleNet network to conduct faster and cheaper international transactions. The National Bank of Egypt Chairman Hisham Ahmed Okasha claims the access to RippleNet will allow the bank to open new payment channels in the Persian Gulf region.
Last week it became known that the company for making international payments International Money Express (Intermex) will use Ripple's On-Demand Liquidity (ODL) technology.
Chart of the XRP/USD trading pair from EXANTE
At the time of writing, XRP is trading at $0,30 (+7,53%).
Earlier iHodl reported that the Central Bank of Egypt will ban all crypto-related companies that perform their activities without obtaining the necessary licenses in advance.
Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.