Another Financial Institution Joined Ripple Network Because Of Its Instant Payment System

Ripple opens its doors wide and welcomes its latest partnership with BankDhofar – the first bank for Oman that is working towards the utilization of blockchain solutions. This report was published recently (on Tuesday, May 1, 2018), and the Chief of Information of BankDhofar – Dr. Tariq Taha said: “BankDhofar is the first Oman bank to access and join over one hundred of its fellow banks as well as other financial institutions using blockchain technology to provide instant payments.

Why the Bank Went for the Collaboration?

This development came up 12 months after the move of the bank to join to the number one consortium of Blockchain – BankChain. They made this move with respect to the objectives of the bank towards improving overall efficiency and customer satisfaction, especially for their customers that always send remittances overseas.

The bank believes that with this technology, more friction-less and transparent transactions are going to be made – this is one of the major reasons why BankDhofar was bullish to go into the partnership. Ripple has made a lot of connections, and the list is growing on a weekly, if not a daily basis, creating a better and stronger support for its platform to develop more.

Other Firms Partnering with Ripple

Five partnerships have been announced in Europe and Asia that will utilize the xVia product of Ripple facilitate payments that are supported on the blockchain network of Ripple – RippleNet. MoneyMatch (Malaysia), UniPAY (Georgia), FairFX (United Kingdom), Exchange4Free (United Kingdom), and RationalFX (United Kingdom) have all decided to partner with Ripple.

This cryptocurrency has been on the minds of a lot of digital currency holders for some time now. In the last couple of weeks, the digital currency has been fluctuating in the crypto market between the values of $0.80 and $0.93. This week might be the week that the value of Ripple will get to the $1 market, even if it won’t stay long there.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.


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