Ripple Inc. has expanded its services to the Middle East through its partner QNB. The bank launched RippleNet, Ripple’s financial technology, in Qatar and Turkey, thus bringing its services to the region.
QNB has shared its intentions to make available their services in other key countries in the future, thus boosting remittances. The news follows the bank’s launch of an international remittance service last October, in which it collaborated with the blockchain firm Ripple.
QNB in conjunction with Ripple are known for pushing through some initiatives in the region, known as one of the headquarters of remittance globally. The firm’s regional headquarters in Dubai has greatly benefitted them in executing some of their plans.
Late last year, Ripple partnered with Pyypl to unveil the first On-Demand Liquidity corridor in the region. The launch was part of RippleNet.
Not only that, the crypto firm collaborated with SBI Remit to launch ODL in Japan to boost remittances. This move marked their entrance into the Asian region. The launch was followed by the acquisition of 40% shares in Tranglo to expand ODL services in Malaysia.
XRPL Now Allows Cross-chain Transfer of Assets
Multichain has also partnered with XRP Ledger to enable the cross-chain transfer of virtual currencies from blockchains. This means that users can shift virtual currencies from blockchains to the Ledger.
Lack of interoperability has always been an issue with cross-chain transfers as smart contracts of many blockchains do not communicate effectively to initiate transfers. The integration with the XRP Ledger is a massive step towards encouraging interoperability as native assets and others can be shifted seamlessly.
With Ripple’s developers, Multichain will initiate XRP transfers and other assets, such as MATIC, Tether, and USDC to the Ledger. XRPL is a decentralized network of nodes founded in 2012 to make transfer less costly and straightforward.
Ripple’s War with SEC Rages On
The war with the SEC is still on, with Ripple debating that the deadline extension requested by the regulator should be denied. The firm’s executives have asked the Magistrate Court to deny the regulator’s recent request following the latter’s filing on 21st March to extend deadline.
The reason for the extension was to help SEC conduct extra discovery. However, the request didn’t sit well with Ripple. In their defense, the firm debated that the regulator has delayed the resolution for far too long, adding that no factor should stop the judgment from being delivered at the scheduled date.
Ripple’s war with the financial commission has stretched for long, with numerous back and forth; allegations and counter-allegations. It began in late 2020 when the regulator accused the blockchain firm of trading XRP as non-registered security. Those knowledgeable about the case believe it would be resolved before mid-June.