Ripple, the parent company and largest holder of the popular cryptocurrency, XRP has been reported to have added UAE banking giant, the National Bank of Fujairah to RippleNet. Entrepreneur Middle East confirmed the report after posting on Twitter that the popular Golf commercial bank had been added to RippleNet’s long list of banking partners.
The National Bank of Fujairah Joins RippleNet
As per an announcement by Entrepreneur Middle East, popular business magazine publishers based in Dubai, the National Bank of Fujairah will now utilize the Ripple’s Blockchain technology for conducting cross-border payments.
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This partnership adds a feather to the cap of both organizations. As the commercial bank now boasts of a blockchain technology edge over its competitors across its base, Ripple extends its reach across the globe steadily.
The National Bank of Fujairah Partners With Marco Polo
Recently, the National Bank of Fujairah was reported to have become a member of the Marco Polo Network which is the largest and the most rapidly growing trade finance network. This was a partnership that NBF got as a major advancement and which further energizes the network’s positive momentum. The Marco Polo Network has seen considerable growth to over 25 financial institutions and continues to steadily expand each month with members on all six key continents. According to Subramanian Krishnamurthy, Head of Global Transaction Services, at National Bank of Fujairah,
“We are thrilled to join the Marco Polo Network and support the collaborative effort to create and advance these new technologies in the trade finance ecosystem,
Ripple on the other hand, has accumulated large amounts in funding since its launch and partnered with over 100 banking clients, which includes more than 15 of the world’s top 50 banks. Onboarding investors like Accenture Ventures, SBI Holdings, SCB Digital Ventures, and Standard Chartered, this news of National Bank of Fujairah is expected to expands Ripple’s network.