National Bank of Fujairah (NBF) is based in Dubai medium announced partner with Ripple and plan to use RippleNet to pay for cross-border money transfers to Indian customers. The bank will also cooperate with Indian bank Indus Ind Bank.
Ripple continues to expand its network
In the latest Ripple collaboration announcement, NBF will be the latest company to use RippleNet.
The partnership will allow NBF customers to use RippleNet's cross-border payment system at a cheaper, more transparent cost to send money to India. It will also facilitate faster and more trackable payments, resulting in an improved experience.
NBF, a Shariah compliant bank, offers retail and commercial banking options to customers. They have 18 branches across the United Arab Emirates (UAE) and a large customer base in India.
NBF CEO Vince Cook has talked a lot about the frictionless experience provided by leveraging digital technology and Blockchain. RippleNet will create a more efficient option for business customers to manage their finances.
The impact of Ripple's partnerships
After Ripple announced its partnership with NBF, many investors began to wonder about the positive impact that the new partnership will have.
The announcement of the partnership is an important driver for unreasonable token pricing during the 2017 bull run due to ICO speculation. Recently, however, it has been reported that Ripple's highly acclaimed partnership with Moneygram is almost unimportant.
Ripple announced a partnership with Moneygram amid the hype that Ripple and Moneygram will use Blockchain to revolutionize cross-border payments. XRP investors have been waiting for Moneygram to create demand for XRP but to no avail.
The truth is that Moneygram is losing money and even though Ripple paid over 11 million for Moneygram in the two quarters of 2019 to use Ripple technology, Moneygram still lost 9 million quarterly.
This news came as soon as Ripple CEO Brad Garlinghouse acknowledged that Ripple would not be profitable without selling XRP to retail investors to make a profit for shareholders.
XRP investors have expressed dissatisfaction with Ripple's continued dumping of Ripple, threatened to split the network and even filed a class action lawsuit against the company. Is the latest partnership just a PR trick to create FOMO?
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