Ripple is strengthening its life line as it embarks on another zonal partnership in Asia, specifically in the Middle East. Apparently, the National Commercial Bank (BCN) of Saudi Arabia has seen the good of joining RippleNet in an effort to improve its position and its regional dominance as the largest banking institution in the Middle East.
What & # 39; s In It For NCB?
As expected, joining RippleNet means that the popular financial institution will now be in a privileged position to embrace blockchain technology and ultimately contribute to the campaign to promote the widespread adoption of technology and cryptocurrencies in the region. Ripple is a serious company that offers blockchain-based payment solutions to various entities, mainly in the financial sector.
First of all, joining RippleNet puts the NCB in the pool of other banks, payment processors and providers in the Ripple blockchain network that allows you to significantly increase transaction processing speed and reduce liquidity costs by using XRP as a token transferring network payments.
Being in a position of power and influence as the most muscular financial institution in the region, the NCB will take a leading role and act as a hub that connects all the banks and regional institutions that operate within of RippleNet.
In a tweet that recognized the new development, Ripple said that NCB will be the connector for banks in Asia and North America, a link chain that should start in Singapore. In return, NCB customers will have access to various other financial facilities and services offered by players in the RippleNet pool. Other entities such as SMEs that depend or are linked to the NCB will also benefit from improved transaction speeds and operational transparency.
What Ripple Becomes
By choosing to work with Ripple, the Saudi Arabia Monetary Authority (SAMA) offers Ripple a strategic position to gain popularity and credibility in the region. This is quite evident given that the client base of 5.4 million CNB is considerable and, above all, that the Bank is the oldest of Saudi Arabia. In this position, Ripple will be able to successfully market its other products in the Middle East.
For its part, Ripple will also benefit greatly from the 400 branches of the NCB throughout the Middle East. Furthermore, the fact that the NCB holds the position two as the main owner of assets in the region offers a great opportunity to stimulate the adoption of R & D in local economies. As such, Ripple could very well be on track for the global adoption campaign for XRP, a situation that would further increase the value of the crypt.