XRP, the cryptocurrency associated with Ripple, experienced a significant increase in its market capitalization, growing by over $2 billion in just one day. This surge was attributed to the news that Ripple had expanded its global payments network into three new corridors. According to data from CryptoSlate, XRP’s market cap rose to $37.44 billion on November 8th, up from $35.32 billion the previous day.
Ripple announced partnerships with payments fintech company Onfariq to facilitate connections between Africa, the UK, Australia, and Gulf Cooperation Council (GCC) countries, including Qatar and the UAE. This collaboration aims to address the challenges of cross-border payments, such as lengthy transfer times and high costs. Customers of PayAngel in the UK, Pyppl users in the GCC nations, and Zazi Transfer users in Australia will now be able to make fast and cost-effective remittances and business payments to recipients in 27 countries across Onafriq’s pan-African network. This expansion illustrates Ripple’s continued growth and resilience, as the company recently achieved a favorable outcome in a legal battle with the U.S. Securities and Exchange Commission (SEC) and obtained significant payment licenses in Singapore and multiple U.S. jurisdictions.
#XRP #Ripple #cryptocurrency #payments #marketcapitalization #globalpaymentnetwork #partnerships #crossborderpayments
Image: https://weeklyfinancenews.online/wp-content/uploads/2023/07/economics6-e1691656828815.jpeg
Comments are closed.