Morocco’s largest bank, Attijariwafa, has confirmed that it has joined RippleNet, the international payments network created by Ripple.
Attijariwafa’s new membership in the RippleNet network opens the door not only to Morocco’s most popular bank, but also to its international financial partners. With this initiative, the Moroccan bank intends to accelerate the distribution of payments worldwide, with a focus on customers residing in the United Kingdom or the Netherlands who send funds to their relatives residing in Morocco.
Adnane Driouech, head of corporate cash management at Attijariwafa, explained that the Moroccan entity “has entered the new technological era for more than a year”, first for its corporate clients, then for “real-time connected solutions with partners in the MENA region”. The bank’s next step will be to introduce blockchain technology:
With RippleNET we can connect to the blockchain, another fast and foolproof way to receive funds.
RippleNet continues to grow even despite lawsuit with SEC
The RippleNet network currently lists more than 200 banks, including Banco Santander in the United States, which wanted to use these new technologies to support the remittance market. The bank used One Pay FX for Mexico and xCurrent for Latin America, two products created by Ripple.
In a Jan. 25, 2021 report titled “Ripple 2020 Momentum,” the company’s CEO, Brad Garlinghouse, said RippleNet’s growth had increased 5x, with that data predating the SEC’s lawsuit against the company. crypto. At the time, many of these Asia-Pacific-based platforms had adopted RippleNet to facilitate money transfers, resulting in a regional increase in transactions of 1,700%.
The SEC’s lawsuit against Ripple initially caused a sharp drop in the price of its XRP token. Since then, Ripple has lost momentum and attention has shifted to other areas of the crypto ecosystem. For now, it is in Ripple’s best interests for the lawsuit to end as soon as possible, assuming the outcome is in its favor. Brad Garlinghouse is optimistic that the trial will conclude in 2022, towards the end of the year, citing the importance of the case not only for Ripple but also for the cryptocurrency industry:
“We are seeing fairly good progress despite a slow judicial process. Clearly, good questions asked by the judge. And I think the latter realizes that this is not just about Ripple, but it will have wider implications.”
The fact that RippleNet was able to add another banking partner, which is none other than the bank owned by the royal family of Morocco, while having an open lawsuit against its parent company, can be considered as news. positive for Ripple and its XRP token.
Disclaimer
All information on our website is published in good faith and for general information purposes only. Any action taken by the reader based on information found on our website is entirely at their own risk.