Ripple conquers new billion-$-market with new partnership

  • Ripple makes further strides in Africa thanks to expansion of Modulr NALA agent in Europe.
  • The expansion will drive more volume to RippleNet and indirectly to XRP.

NALA, a Tanzanian-based fintech startup, announced that it has expanded into the European market. The expansion of NALA, which is an agent for Ripple’s partner Modulr, will drive increased remittance volume to Ripple’s cross-border payment settlement solution, RippleNet.

Tech Cabal, a new leading African fintech-focused outlet, first reported the expansion. According to the report, the new border allows NALA to process remittances to Africa from 19 European Union (EU) countries. This is in addition to the US and UK in which NALA currently operates.

Benjamin Fernandes, founder and CEO of NALA, commented that the expansion would economically empower millions of Africans. He adds that NALA is laser-focused on enabling smooth remittances to Africa.

“The European economy is the third largest in the world and is home to more than a quarter of African immigrants. At NALA, our mission is to financially empower Africans around the world…At NALA, we are precisely focused on building the remittance company that Africans deserve,” he said.

The development is bullish for RippleNet, Ripple’s decentralized global network of banks and payment providers using Ripple’s distributed financial technology. Modulr, the payment-as-a-service API provider for NALA, announced its strategic partnership with Ripple in February.

At the time, the companies pointed out that RippleNet could make Modulr services easier for businesses to use than ever before. This is because it allows you to make payments in real time, with competitive and reliable prices at an international level. It also allows merchants served by Modulr to hold and settle funds directly with the Bank of England.

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In a case study, Ripple described its partnership with Modulr as unique in that it offers merchants alternatives to traditional payment methods. He noted that RippleNet’s low fees and 24-hour operation provide clients with reliable access to international payment networks.

Ripple Partnerships Are Already Driving XRP Adoption

Modulr is not the only partner that Ripple has recently onboarded. The US-based blockchain-powered payment service provider company has been active in the global remittance market until 2022.

Ripple announced an Africa-focused partnership with MFS Africa in November. The digital payment gateway will use Ripple’s On-Demand Liquidity (ODL) solution to enable both individuals and businesses to execute crypto payments internationally.

Advances in adoption make market participants expect that the XRP price It will explode in the next few days. Mainly, speculations are strong that once the case between Ripple and the SEC ends in Ripple’s favor, the XRP price will hit new highs.

At press time, XRP was trading around $0.36, down 4.37 percent over the past 24 hours. The price marks a 90.5 percent drop from its previous all-time high of $3.84.

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