Ripple to Establish 3 New Blockchain Corridors with Onafriq

Ripple’s strategic partnerships and regulatory compliance efforts contributed to XRP’s value increase.

A human hand touching Ripple XRP coin with magical blockchain powers.
Created by Gabor Kovacs from DailyCoin
  • Ripple has announced a strategic partnership with Onafriq, a leading fintech firm in Africa.
  • This partnership will establish three new blockchain-based payment corridors.
  • Ripple’s expansion into Africa aligns with its broader goal of democratizing access to financial services.

Ripple, riding the crest of its recent surge, is taking impressive steps in extending its outreach and competence, forging novel collaborations, and acquiring regulatory endorsements that firmly establish its standing as a forerunner in the cross-border payment domain. 

Ripple Bridges Borders with Onafriq Partnership

The company has announced a strategic partnership with the fintech firm Onafriq to establish three new blockchain-based payment corridors spanning Africa, the United Kingdom, the Gulf Cooperation Council (GCC), and Australia. This expansion marks a significant step in Ripple’s mission to revolutionize cross-border payments, particularly in underserved regions like Africa.

The partnership with Onafriq, a leading payments provider in Africa with a vast network of 400 million mobile wallets, will connect Onafriq users seamlessly with PayAngel in the UK, Pyypl in the GCC, and Zazi Transfer in Australia. This interconnected network will enable faster, cheaper, and more transparent cross-border transactions for individuals and businesses.

With this expansion into Africa and across borders, Ripple is solidifying its position as a leader in the cross-border payments landscape while gaining recognition as a symbol of resistance within the crypto industry for standing up to the SEC.

Ripple’s Regulatory Strides Aid XRP’s Rally

These developments come as Ripple continues to expand its regulatory compliance efforts. The company has obtained money transmitter licenses in the U.S. and an institutional payments license in Singapore, with recent filings in the U.K. and EU.

In addition, Ripple’s participation in the CBDC project alongside the National Bank of Georgia and the Dubai Financial Services Authority’s approval of the XRP token played a role in XRP’s recent price surge.

On the Flipside

  • Ripple’s ongoing legal battle with the United States Securities and Exchange Commission could overshadow its expansion plans.
  • While Ripple’s expansion into Africa holds immense potential, it is crucial to acknowledge the challenges in the region’s financial infrastructure.
  • Ripple’s recent price surge, while attributed to its regulatory achievements, could also be attributed to speculative trading and market momentum.

Why This Matters

Ripple’s strategic expansion into Africa and across borders further solidifies its position as a cross-border payment landscape leader.

To learn more about Ripple’s strategic partnership with Onafriq and their efforts to expand cross-border payments, read here:
How a Ripple IPO Could Signal a Watershed Moment for XRP

To learn more about Ripple’s regulatory compliance efforts and their role in XRP’s recent price surge, read here:
Expert Predicts Ripple Victory Over SEC with 90/10 Advantage

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Kyle Calvert

Kyle Calvert is a cryptocurrency news reporter for DailyCoin, specializing in Ripple, stablecoins, as well as price and market analysis news. Before his current role, Kyle worked as a student researcher in the cryptocurrency industry, gaining an understanding of how digital currencies work, their potential uses, and their impact on the economy and society. He completed his Masters and Honors degrees in Blockchain Technology within Esports and Business and Event management within Esports at Staffordshire University.