A major United Arab Emirates – UAE bank on RippleNet is boosting Ripple XRP and the Ripple Foundation’s expansion plans.
Ripple Foundation has partnered with the National Bank of Fujairah (NBF), which is a full-service corporate bank that offers commercial and corporate banking services to its clientele.
RippleNet is a network comprised of various financial institutions that provide payment services based on Ripple’s solutions. The network has added another bank to its vast network.
UAE bank on RippleNet
Entrepreneur Middle East is a magazine based in Dubai, United Arab Emirates (UAE) which guides the local business enthusiasts by publishing business-related information. The magazine has reported that NBF has recently started utilizing the blockchain technology by Ripple to process international transactions.
Additionally, the National Bank of Fujairah (NBF) has announced that it is collaborating with various banking institutions to utilize Ripple Lab’s platform.
The organization has been striving to implement Ripple among the wealthy regions of the Middle East and North Africa (MENA), while the Ripple team has recently collaborated with one of the larger banking institutions of Pakistan.