Ripple has entered into an agreement with an Egyptian bank to conduct international settlements in XRP
The American company Ripple has entered into an agreement with Commercial International Bank Egypt (CIB) for international money transfers using blockchain, in particular using its own cryptocurrency XRP.
Ripple management says that the purpose of the agreement is to optimize cross—border payments using advanced technologies. CIB is considered the second largest Egyptian bank after the National Bank of Egypt (NBE), using Ripple technology to make international transactions.
Former Ripple director Sean McBride recalled Ripple's successful collaboration with the Japanese money transfer service provider SBI Remit. Using XRP for international transfers, CIB will be able to speed up transaction execution for millions of customers, reduce their costs and increase transaction security, McBride boasts.
The Central Bank of Egypt (CBE) is actively exploring the possibilities of its own digital currency E-Pound. The Central Bank is preparing to introduce it into the settlement system by the beginning of 2030.
