Australia To UK And Africa: XRP Flies as Ripple Creates Global Standard for Cross-Border Payments
Breaking Down International Barriers to Trade
On the first day of the Ripple Swell conference in Dubai, Ripple announced it has teamed up with Onafriq (formerly MFS Africa) to enable digital asset-driven payment corridors from Africa to the GCC (Gulf Cooperation Council), the United Kingdom, and Australia.
Onafriq is integrating Ripple’s payment technology to establish new channels for fast and cost-effective remittances and business payments into 27 African countries. This collaboration aims to overcome traditional barriers to cross-border payments such as delays, high costs, and unreliability, thereby promoting financial inclusion on the continent.
Onafriq is a major payment player in Africa that serves 400 million mobile wallets. We are excited about this because it also contributes to Ripple payments being able to cover 90% of FX markets.
U.S. Leadership Role Under Threat
Ripple CEO Brad Garlinghouse indicates that despite partially winning a lawsuit against the United States Securities and Exchange Commission (SEC) and a favourable ruling that XRP is not a security in all instances, U.S. banks are still wary of engaging with crypto due to a broader government hostility towards the industry.
He criticised the lack of clear policy and suggested a political agenda is hindering U.S. crypto growth, while other countries advance with clearer regulations. Garlinghouse believes the U.S. can still lead in crypto if it adopts a supportive regulatory approach but notes Ripple’s expansion will continue mainly outside the U.S., with 80% of their new hires being overseas due to the current American climate.
Why would I want to hire more and more people in the United States, when the U.S. is making it hostile for me to operate here?
XRP Makes Solid Gains in the Past Few Weeks
Meanwhile, XRP continues its steady climb which started October 20 at US $0.48 (AUD $0.76), now reaching US $0.68 (AUD $1.07) as of the time of writing. According to CoinMarketCap, this represents a solid 32% gain month-on-month.
It remains to be seen what other bullish news will come from the conference. Many pundits are betting on a settlement announcement with the SEC or the announcement of a Ripple IPO.