Ripple partners with Commercial International Bank (CIB)

Friday 23 February 2024 12:05 CET | News

Egypt-based Commercial International Bank has partnered with Ripple to implement blockchain technology aiming to enhance the efficiency of cross-border payments. 

According to the announcement, the financial institution also hopped on the non-fungible token field, allowing customers to create unique and collectable NFTs. Moreover, the bank stated that this initiative seeks to establish a digital token ecosystem for the tourism industry, simplifying payments and offering loyalty rewards to travellers.

Egypt-based Commercial International Bank has partnered with Ripple to implement blockchain technology aiming to enhance the efficiency of cross-border payments.

According to press release, CIB's adoption of crypto aligns with the Egyptian government’s drive to leverage blockchain for innovation across various sectors, reflecting government's commitment to explore its potential. 

Ripple and CBDCs 

Per the announcement, Ripple has supported the efforts of several countries to launch a central bank digital currency (CBDC). In 2021, it collaborated with the Royal Monetary Authority (Bhutan’s central bank) to create a digital version of the ngultrum.  

Another institution that picked Ripple to introduce a CBDC plot project is the National Bank of Georgia (NBG). Officials of the central bank claimed the solution would be able to drive transformative progress in the country’s public sector. 

In February 2024, Ripple agreed to acquire Standard Custody & Trust Company, an enterprise-grade regulated platform for digital assets. The increase in institutional adoption of crypto and blockchain is a result of more mature and highly secure products in the market that are fully regulated and compliant. With this acquisition, Standard Custody's limited purpose trust charter and its money transmitter licenses will contribute to Ripple’s growing portfolio of regulatory licenses. Ripple and its subsidiaries collectively hold a New York BitLicense, nearly 40 money transmitter licenses across the US, a Major Payment Institution License from the Monetary Authority of Singapore, and a Virtual Asset Service Provider registration with the Central Bank of Ireland. 

In the same month, the company revealed its plans to grow its payment services across the US via product updates. Officials from Ripple shared on LinkedIn the company's plans to expand its payment services across the United States. Despite 90% of Ripple's business activities taking place outside the US, the company aims to leverage its money transmitter licenses (MTLs) to introduce product updates, extending these licences to cover a majority of US states. 

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Keywords: CBDC, central bank, cross-border payments, digital assets, partnership
Categories: DeFi & Crypto & Web3
Companies: Ripple
Countries: Egypt
This article is part of category

DeFi & Crypto & Web3


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