Ripple Labs has expanded the number of its partners to strengthen its position in the crypto industry. The company has started to cooperate with one of the largest financial institutions in the Middle East.
In particular, Katapa National Bank (QNB) has confirmed it will work with Ripple Labs as part of the Transfers Initiative. Both companies are studying new strategies for optimizing international payments and are developing a new platform based on Ripple technology.
Under the terms of the transaction, QNB will test RippleNet together with its Turkish branch QNB Finansbank. After this, the deployment of the platform for practical instant transfers and payments for all QNB customers around the world will start. In addition, the Ripple technology will be integrated into several frames of money transfers.
The head of the group of retail banking services QNB Xeba Al Tamini has confirmed the bank would like to offer its clients the best innovations, ethical solutions and solutions.
Ripple announced last month it will help the currency administration of Bhutan in the development of the central bank digital currency (CBDC). The central bank of the country will use the Ripple private blockchain to release and manage its digital ngultrum.
The company from San Francisco has announced the CBDC will help increase the availability of financial services for 800,000 Bhutanese citizens.