Morocco-based Attijariwafa Bank with $53B in Assets Join Ripple Network

Attijariwafa Bank, the largest multinational commercial bank in Morocco, has adopted blockchain-based digital payment and transfer network, Ripple.

The financial services company which has more than $53.3 billion worth of assets under management has taken the latest step to aid the process involved in conducting instantaneous transactions for its customers.

Adnane Driouech, the head of international cash management at Attijariwafa Bank, describes blockchain as a “fast and foolproof” way of transferring money, hence the reason for the bank’s partnership with Ripple.

Ripple Network Widely Adopted by Financial Institutions

Since its launch in 2012, the Ripple network seems to be achieving one of the major purposes of its creation — to fulfill the needs of transactions, some of which include confirming, clearing, and settling of transactions for financial institutions.

In fact, according to a 2019 report, more than 300 financial institutions in over 45 countries were using the RippleNet payment protocol to process their customers’ financial transactions as of that time.

Notably, the latest development makes Attijariwafa bank the latest financial institution to join the likes of Santander, Bank of America, IndusInd Bank, Banco Rendimento, National Bank of Kuwait, National Bank of Egypt, Dubai-based foreign exchange company, Al Ansari Exchange and several others in partnering with Ripple.

Ripple Vs. SEC Legal Battle Still Pending

Although Ripple has made significant breakthroughs in crypto (through its native token XRP) and finance industry, the company remains at loggerheads with the United States Securities and Exchange Commission (SEC).

In 2020, the SEC filed a lawsuit against Ripple and two of its executives saying that it raised over $1.3 billion through conducting an illegal securities offering to investors in the U.S. starting 2013. Ripple, however, disputed the claims, saying that U.S. regulators have in the past viewed their token XRP as a currency instead of security like the SEC claimed.

The case, however, is beginning to see significant progress and could be resolved before the year runs out, according to recent comments by CEO Brad Garlinghouse.