Ripple Labs, a pioneer in blockchain-enabled solutions announced its partnership with the leading payments fintech Onafriq, previously MFS Africa. The firms will work together to facilitate digital asset-enabled cross-border payments between Africa and several new markets, including the Gulf Cooperation Council (GCC), the UK, and Australia. The major announcement has managed to move Ripple’s native token. XRP price marginally jumped by 1.45%.
Ripple gains regulatory approval
Ripple at its much anticipated Swell conference made several key announcements regarding its new partnership and future endeavors. As per the release, Ripple secured money transmitter licenses across U.S. jurisdictions and approval from the Monetary Authority of Singapore, emphasizing regulatory compliance.
It mentioned that Ripple’s Payment platform through a single onboarding process, provides access to nearly 100% global payout coverage in 70 markets. It added that an integration with the XRP Ledger’s decentralized exchange enhanced global liquidity options and optimized product performance.
Monica Long’s perspective on Crypto utility
Monica Long, Ripple’s president taking to X highlighted that crypto utility starts with payments and for the last decade their organisation has been focusing on key components of infrastructure. This includes liquidity, off-ramps, tokenization, custody and compliance.
She added that with the launch of a new product, the labs will unveil an end-to-end solution for all things. Long stated that customers can tap into crypto utility without having to be an expert in using this technology. However, a single onboarding experience will be provided by Ripple as the blockchain firm will manage end-to-end flow to move value at any time, as fast and low-cost as possible.
As reported, Ripple Payments addresses liquidity needs with expanded options ensuring customer requirements are met 24/7. RocketFuel becomes the inaugural user by leveraging Ripple’s payout network for direct payments in multiple currencies.
Brendan Berry, Head of Payment Products at Ripple, sees payments as the ‘killer app’ for digital assets. The firm aims to provide customers with a comprehensive product that combines optionality, speed, ease of use, and regulatory compliance.
The long running lawsuit between Ripple U.S. Securities and Exchange Commission (SEC) and Ripple has hindered the growth of XRP. However, the blockchain firms and their executives received a partial win against the commission which eventually pushed XRP prices up. It should be noted that the XRP price is up by 1.45% in the last 24 hours. It is trading at an average price of $0.69, at the press time.