Middle Eastern country Morocco’s largest bank joining RippleNet

• RippleNet is US based payments and currency exchange, Ripple’s payment service provider protocol
• It had partnered with some middle east countries, Morocco being new in the list
• The Ripple protocol has approx $35 billion worth of market cap

Attijariwafa Bank is the largest bank in Morocco and it manages approx $53 billion worth of assets. It even has more than 4,900 branches around the world in countries like the UK, Tunisia, China, Spain, etc. Having a huge amount to move across various countries the institution needs to be reliable, fast and at the same time secure. Bank has found a solution for all the issues in using blockchain. And hence the adoption of RippleNet protocol took place. Adnane Driouech, head of international cash management at the bank said about blockchain that it’s a fast and foolproof medium for money transfer. 

Using the blockchain network, transactions across the world would become instantaneous for the bank which eventually will help it to keep its services top notch and up to the mark. Attijariwafa Bank has also announced about partnership with Singapore based business to business cross border payments network Thunes.

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Since a lawsuit has been filed against Ripple by the US Securities and Exchange Commission, it has been finding new grounds for partnerships. But the blockchain company has been lucky to get many banks on a global level to transform their payment medium and provide better channels. CEO Brad Garlinghouse of the network has announced that last year was the best year for the network. A payment solution backed by XRP as intermediary currency, liquidity available on-demand are some milestones achieved by Ripple. List of banking partners of RippleNet consist of Bank of America, Santander, Banco Rendimiento, IndusInd Bank and others.

The blockchain network had been consistently trying to acquire international clients, for which it had aggressively recorded it’s presence in many other Middle Eastern and North African countries and even Asian countries like Vietnam, Pakistan and UAE as well.