Egypt's Largest Bank Joins Ripple Payment Network
Main page News, Fintech, Tech, Banking, Ripple, Blockchain, XRP

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.

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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.

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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.

Egypt's Largest Bank Joins Ripple Payment Network

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.

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