Another bank will join the global Ripple network quite soon. We want to remind you that Ripple is involved in merging banks and other companies in the sphere of payment services.
The main specialization of BankDhofar is financial investments. Representatives of the bank note that cooperation and blockchain provide an opportunity for users to make international payments at a more global level.
BankDhofar is currently the only bank in the Middle East region that joined Bankchain, which includes more than 27 banks. The Consortium is exploring the opportunities that can be provided by the blockchain technology for the banking segment.
The Chief Information Officer at BankDhofar Tarik Taha commented on joining Bankchain by saying:
“With this, we can provide instant, frictionless and secure cross border money transfers within seconds, with end-to-end visibility over the journey of the payment.”
Representatives of BankDhofar did not disclose the list of Ripple products, which they will use to fully implement the advantages of the network into their work. It also remains unknown whether the bank will use the XRP Ledger with the XRP cryptocurrency or not.
The fact that the bank will become a part of the network is only the first stage of the implementation of the global idea called “Together 2020”.
We would like to remind you that the famous rapper, producer and actor Snoop Dogg agreed to become a member of the XRP Community Night.