Morocco’s Biggest Bank Reportedly Joins RippleNet

January 19, 2022 10:53 pm Comments

The Western North African country of Morocco is looking to dip its toes into cryptocurrency.

Attijariwafa Bank which happens to be Moroccos’ largest bank has just landed a deal with RippleNet.

With the new deal, members of Anttijariwafa Bank can now exchange transactions all over the world at record speeds.

A representative of the bank by the name of Adnane Driouech was quoted saying “With RippleNet, we connect to the blockchain, another fast and foolproof way to receive funds.”

Crypto Potato had more on the story:

Morocco’s largest bank – Attijariwafa Bank – is the latest institution to join the RippleNet network.

The leading banking service operator in Morocco – Attijariwafa Bank – has reportedly joined RippleNet. The latter is an international cross-border payment network designed by the American blockchain company Ripple.

A local report revealed that Attijariwafa Bank had become a member of the RippleNet ecosystem. By joining the crypto world, the Moroccan financial institution has strengthened its position as an innovative banking leader in the North African region.

As a result, members of Attijariwafa Bank will be able to exchange transactions with each other from numerous destinations around the world. The Moroccan diaspora consists of nearly 5 million people, as over 1 million reside in France.

U.Today got the scoop too:

Attijariwafa Bank, the largest banking institution in Morocco with $53.3 billion worth of assets under management, has joined the RippleNet network, according to a recent report published by Boursenews.

The tie-up will allow the bank to conduct instantaneous transactions with its partners.

Attijariwafa Bank also announced a partnership with Thunes, a business-to-business (B2B) cross-border payments network based in Singapore.

RippleNet’s banking partners include Santander, Bank of America, IndusInd Bank, Banco Rendimento and others.

Last month, CEO Brad Garlinghouse announced that Ripple had had its best year to date, with On-Demand Liquidity, a payment solution that uses XRP as a bridge currency, now accounting for a fourth of all transactions.

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