The Ripple network itself with a new Bank

The Ripple network itself with a new Bank

The global Ripple network, which brings together banks and other companies in the field of payment services, has joined another Bank.

BankDhofar based in Oman and which specializiruetsya on financial investments joined the Ripple network, which, according to the Bank, enables it to carry out a global international payments using blockchain technology from Ripple.

BankDhofar was one of the first banks in the middle East region who joined in the consortium Bankchain consisting of more than 27 banks. The purpose of this organization is to explore the possibilities offered by blockchain technology for the banking sector.

Read also – 5 companies in the payment services industry plan to start using xVia from Ripple

Dr. Tariq Taha, chief information Director at BankDhofar, commented on this decision:

Because of this, we can make an instant and secure international money transfers in a few seconds. And this process is completely transparent.

Representatives of BankDhofar not announced what products Ripple they intend to use to benefit from all these advantages. It is also unclear whether the Bank intend to use the XRP Ledger used by bitcoin XRP.

The joining of the Bank to the Ripple network is part of a larger initiative called “Together 2020”:

This initiative is part of a continuous transformation of BankDhofar, which puts digital technology and innovation at the heart of its strategy.

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