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In 2019, XRP did not have a particularly great year despite the bull run in many cryptocurrencies, and much of the blame for this was laid at the door of Ripple. However, the company has made a range of important deals in recent times, and it signed another one on Tuesday.
Ripple for Remittances
The company signed an agreement with another big-ticket customer, and this time it is the National Bank of Egypt. The San Francisco-based blockchain company holds the highest number of XRP tokens, and many have blamed its previous actions for the depressed price. However, the story is definitely changing now.
The company revealed yesterday that it has signed a cooperation agreement with the bank. According to the terms of the agreement, Ripple is going to provide the National Bank of Egypt with more options for incoming remittances. In other words, it will give the bank another option for helping Egyptians to send money home from across the world.
It has also emerged that, by way of this new deal with Ripple, the National Bank of Egypt will become the first bank in the African nation to use blockchain technology. That being said, many will be waiting to see the sort of influence it has on the XRP price—if any.
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It is a significant deal for the blockchain company since the National Bank of Egypt is one of the best-regarded financial institutions in Egypt and in Africa. In addition to that, it will also open up the Egyptian, North African, and Middle Eastern markets for the blockchain company. If all goes well for Ripple with this partnership, then it could lead to bigger deals with other banks, and that is possibly one of the things that many XRP investors look forward to.
Last but not least, it has also been announced that the bank is going to use Ripple’s RippleNet to make the remittances.
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