One of the largest banking groups in the world – and undisputed leader in Middle East and in Africa has just announced the deal with Ripple and in particular for the payment network based on RippleNet.
Let’s talk about QNB, which will start with a pilot project that will be active in all 31 countries where the banking group operates. It is one of the most important deals in Ripple’s history and one that could also leave an important mark on the price of the related cryptocurrency. $ XRP.
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Who is QNB and what is in the agreement with Ripple
When we talk about QNB we are talking about the Qatar National Bank, a group that is among the strongest in the world, as well as the first in Africa and the Middle East. It is also present in Turkey through the group FinansBank and is therefore relevant for all the more developed economies of the area. The group has just announced that it will start a pilot project for the use of Ripple, or better than his own Ripple Net, thus becoming part of a circuit already used for more 300 banks worldwide.
The news is also particularly relevant for the countries in which it operates QNB, countries where the rate of immigration and emigration is quite high – where therefore the remittances play a fundamental role. Another huge blow, therefore, to the old way of transferring money. The Money Exchanges have already suffered a defeat in El Salvador, where the use of Bitcoin and of Chivo it will cut costs for 400 million dollars.
And the advance of Ripple perhaps promises even more, at least in terms of pushing the various agents out of the market who today apply very high fees to those who want to send money to and from their country.
QNB’s goal is to offer its customers the very best in innovation and the partnership with Ripple is another step in making remittances innovative and simple for customers. Put simply, this new feature will offer our customers an efficient and instant service for international payments.
This is the comment of Heba Al Tamimi, General Manager of the group, which was then followed by the words of Navin Gupta, who takes care of the Asian area for Ripple Labs.
We are happy to be a Strategic Partner of QNB, offering innovations in the banking system and Fintech services to improve the experience of those who make international transfers. With QNB we will be able to bring RippleNet to other markets.
What does it mean for the Ripple network?
This news is of absolute importance, because it will also connect the others 300 banks that are already part of the network with the services of QNB, greatly increasing the potential of the network.
As for Ripple’s quotations, this news could express its effects mainly on the medium and long term. Pushing Ripple at the target prices set by our forecasts. All this despite a lawsuit against SEC which could have been a great obstacle to the commercial development of the group.