New Bank Joins Ripples Enterprise Blockchain Network

Press Release Claims

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There is a new member of the current Ripples global network payment providers and also the banks.

BankDhofar, the new member announced on Monday, is a financial investment management organization based in Oman. The organization joined RippleNet, which is a move in which the bank claims might enable it to grant the global cross-border payments by the use of the Blockchain technology dedicated to Ripple. This is according to a press release.

Therefore, this move becomes the most recent which makes BankDhofar one of the first set of the various Blockchain based movers based in the Middle East. Earlier in 2018, BankDhofar joined Bankchain which was a consortium made up of more than 27 banks and started in 2017 February for the exploration of Blockchain technology in the banking sector.

The chief information officer at BankDhofar, Dr. Tariq Taha said;

“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.”

However, BankDhofar did not expound on the Ripple products which they would use in the tapping of the benefits and was did not state if it was open to using the XRP Ledger. This is the open source Coinbase which uses the necessary XRP cryptocurrency.

Therefore, the recent joining of the RippleNet Blockchain network technology becomes part of the BankDhofar major effort “Together 2020,” which is determined to position the bank ahead in the Gulf region.

The release concluded;

“This initiative is part of BankDhofar’s continuous transformation plan, which is putting digital technology and innovation at the core of its strategy to improve the experience of its customers.”

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